An extraordinary surge in freezing temperatures across northern Asia, coupled with liquefied natural gas (LNG) delivery interruptions, are triggering a surge in prices in key U.S. export destinations such as China, Japan and South Korea.

At the same time, European storage levels are drawing down quickly, and the result is mounting demand for U.S. LNG that could drive up prices at the American benchmark Henry Hub in 2021, according to an analysis Tuesday by Tudor, Pickering, Holt & Co. (TPH).

LNG market tightness “is sending shockwaves around the world,” the TPH analysts said. “While Henry Hub is limited in its ability to participate in the current rally, the aftershocks are expected to drive U.S. prices north of $3.25/MMBtu this summer and $3.50 by year-end.”

The...