With limited global supplies and robust demand entering the peak winter season, Raymond James analysts this week boosted their already bullish natural gas price forecasts for this year and 2022.

Raymond James Price Outlook

Analysts J.R. Weston and John Freeman said they raised their full-year 2021 Henry Hub average price forecast 6% to $3.70/MMBtu and their expectation for next year to $4.50, up 13%.

“Even after the recent euphoria, there’s still upside,” the analysts said.

U.S. prices have more than doubled this year, with multi-year highs above $6 amid fears of inadequate supplies in Europe as well as parts of Asia and South America ahead of winter. Those concerns have fueled steady demand for U.S. exports of liquefied natural gas (LNG) at a time when domestic supplies are increasing but still...