Without that belief, the likelihood of prices regaining $85 per barrel quickly appears limited. Trader belief in a super-cycle has been dented. That’s according to oil and gas analysts at Standard Chartered, who noted that, without that belief, the likelihood of prices regaining $85 per barrel quickly, let alone pushing on beyond $100 per barrel, appears limited. “Most of the rally that took Brent from below $70 per barrel at end-May to over $86 per barrel in late-October has unwound,” the analysts said in a market note sent to Rigzone on Monday. “We think the rally was a bubble based on a view that $100 per barrel was imminent, a view which resulted from significant overstatements of market tightness and demand,” the analysts added in the note. The Standard Chartered representatives outlined that the key question now is whether the Omicron Covid-19 variant, and government responses to it, have […]