With lower U.S. refinery runs and increases in domestic crude oil production, U.S. commercial crude oil inventories at the end of February provided the most days of supply since the mid-1980s. Commercial crude inventories were sufficient to supply 29 days of U.S. refinery demand, based on expected refinery runs in March. The number of days of supply is calculated by dividing the commercial crude oil inventory level at the end of the month by the forecast crude oil refinery runs in the following month. This calculation excludes government-held inventories such as the U.S. Strategic Petroleum Reserve. The days-of-supply calculation is an indicator of how loose or tight oil markets are by showing the number of days current commercial inventories will […]