NEW YORKU.S. LNG exports are down by more than a third since governments started imposing lockdowns to stop the spread of the coronavirus.

Worldwide gas prices have plunged as lockdowns squeezed energy demand even as strong renewables output boosted supply. Gas prices are more expensive now in the United States than in Europe for the first time in a decade.

Buyers in Asia and Europe have already canceled over 20 U.S. LNG cargoes for June and July, and more cancellations are anticipated.

Gas flows to U.S. LNG export plants fell from a record 9.5 Bcf/d in late March to a six-month low of 5.6 Bcf/d this week, according to Refinitiv. That level would still top the record 5.0-Bcf/d average set last year.

“U.S. LNG capacity utilization has begun a turndown in response to market forces exacerbated by COVID-19,” said Terrell Benke, executive director at IHS Markit.

The number of vessels carrying U.S. LNG peaked at 74 in January, according to federal data. But Refinitiv data said the number of vessels carrying U.S. LNG fell to 62 in April and was on track to drop to an eight-month low of 50 in May.

“Many U.S. LNG cargoes ... hitting the water today were nominated to load back in February and March, when the global demand outlook and forward prices were considerably more supportive,” said Ross Wyeno, team lead for LNG analysis at S&P Global Platts.

Analysts said buyers would keep canceling cargoes for the rest of the summer since U.S. gas futures were trading higher than the equivalent European benchmark through September.

“Cargo cancellations are likely to increase dramatically in August and September as European gas storage nears capacity,” Wyeno said.