Credibility

A newly signed contract for the liquefaction and export of domestically produced natural gas lends further credibility to the shale gas optimism that has swept the energy industry in recent years.

October natural gas futures continued to inch higher Wednesday, lending more credibility with each passing day that the market’s seasonal low is already in the books. The prompt-month contract breached psychological resistance at $4 for a second session in a row before closing at $3.995, up 2.9 cents from Tuesday’s finish.

Lending some credibility to Monday’s bullish bounce, October natural gas futures made a higher low on Tuesday but failed to tack on even 1 cent to the advance. The prompt-month contract added four-tenths of a penny to close Tuesday’s regular session at $3.816.

NorthernStar Natural Gas Co. Feb. 15 responded to a letter by Oregon Gov. Ted Kulongoski to FERC that questioned the credibility and soundness of the federal review process for NorthernStar’s proposed Bradwood Landing liquefied natural gas (LNG) terminal along the Columbia River.

NorthernStar Natural Gas Co. last Friday responded to a letter by Oregon Gov. Ted Kulongoski to FERC that questioned the credibility and soundness of the federal review process for NorthernStar’s proposed Bradwood Landing liquefied natural gas (LNG) terminal along the Columbia River.

Adding more credibility to the view that the psychological $8 level could be a top, bullish natural gas futures traders on Friday were unable to push the March contract above $7.920 during a quiet, week-ending trading session. The prompt month traded a slim 11-cent range from $7.810 to $7.920 before calling it a week at $7.827, down 4.4 cents on the day but 35.1 cents higher than the previous Friday’s close.

Lending more credibility to the theory that the current natural gas futures market is range-bound, the December contract on Tuesday gained 26.5 cents to close at $7.755. The rebound followed Monday’s bearish action when the prompt month slipped 39.4 cents.

Defense lawyers on Thursday tried to chip away at the credibility of Paula Rieker, Enron Corp.’s former corporate secretary, as the trial of Enron founder Kenneth Lay and ex-CEO Jeffrey Skilling ended its fourth week. Despite a day-long grilling by the defense team, Rieker remained composed, carefully answering questions and correcting remarks she thought were misleading. The trial resumes on Monday in U.S. District Court in Houston.

Lending new credibility to the idea that last Friday’s $9.91 high might have been a top, September natural gas futures on Wednesday — with influence from a very weak petroleum sector — put in its lowest settle in four days.