Oil prices could jump again by early 2023, according to Neal Dingmann, managing director of energy research at Truist Securities.

"Domestically, whether it's oil or it's gas, these companies have very very limited incremental capacity at this time,"  Neal Dingmann told Yahoo Finance Live.

U.S. natural gas prices rose Monday to a new 14-year high due to inventory problems and the energy crisis in Europe. Oil prices declined during the session amid fears of a global slowdown and the prospect of a nuclear deal with Iran that would lead to more crude entering the market.

Dingmann thinks oil could fall to about $80 a barrel this year and then jump to $110 early next year. "We're seeing the same thing from OPEC+. All these areas have very very little incremental capacity which makes for me the chance for a spike, whether that be for gas or oil very very possible by early next year," Dingmann said.