Natural gas prices have crashed to 17-year-lows in the past week, underscoring burgeoning supply in the global market just as U.S. exports its first ever shale gas cargo.
On Monday, natural gas prices on the New York Mercantile Exchange settled 4.5 percent lower to their lowest level since 1999 after U.S. weather forecasts signaled warmer weather in the weeks ahead, curbing demand for natural gas used for heating.
The decline brought February losses in natural gas to 26 percent. Prices recovered on Tuesday but the outlook remains depressed.
