Goldman Sachs Commodities Research analysts this week reiterated their belief that last summer was “the peak of the current bearish cycle in global gas markets,” saying in a forecast that they expect tighter conditions in Asia, Europe and the United states through next year.

Goldman analysts said they see this year’s bearish drivers “largely reversing” as global liquefied natural gas (LNG) capacity additions slow, weather normalizes from milder temperatures in years past — especially as La Niña favors colder patterns in Japan and South Korea — and as LNG buying in Asia has strongly rebounded from summertime lows. 

The firm said in particular that it expects steeper withdrawals from European natural gas storage inventories this winter compared to last, which would...