Global demand for natural gas and high reserves resulting from the COVID crisis have disrupted international LNG markets. The price spreads of U.S. LNG exports, which were well above USD/MMBtu two months ago, disappeared and even swung into the negative, with the NBP and Dutch FTT price indices – and, for a short time, the Asian JKM index – trading for the first time since the beginning of LNG exports to the United States in early 2016, under the US benchmark Henry Hub. Despite non-economic price differentials, freight increases in the United States have slowed only moderately. This is expected to change in the coming months, as both Cheniere Energy and Sempra have confirmed cancellations or changes to the lifting plans of some customers and other terminal operators are likely to be subject to the same pressure. However, many U.S. cargoes will continue to move, regardless of price. What is the cost-effectiveness of the cancellation compared to the removal of a cargo apparently derived from money? Today, we are beginning a short series of studies on the factors that influence U.S. LNG load readings. Continuity in project agreements should be both in content and terminology.