Will We Hit $80 This Week? If So, It Might Get Joe Biden's Attention; This Isn't Even March -- February 19, 2024

Locator: 46851B.

Might WTI hit $80 this week? We're less than a buck from $80 this evening, trading at $79.58.

Focus on fracking: link here. This week's lede:

• oil prices are at a 3 month high; 
• natural gas prices settled at new 3​½ year lows four days this week; 
• US refinery utilization rate, refinery throughput, and distillates production all are lowest in 58 weeks, on ongoing Gulf Coast shut-ins; 
• January’s global oil production was 1,520,000 barrels per day below estimated demand.

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