With reduced U.S. refinery runs and continuing strong domestic crude oil production, U.S. commercial crude oil inventories in January were at a record level, providing the most days of supply since January 1992. Commercial crude inventories at the end of January were sufficient to supply almost 27 days of U.S. refinery demand based on February refinery runs (Figure 3). U.S. inventories continued to grow in February, to 29 days of supply based on estimated March refinery crude runs, the highest since May 1985. High crude oil inventories in the United States are putting downward pressure on prompt prices for U.S. crude oil relative to prices for delivery further in the future.