Daily Vault Briefing ·Sep 7, 2026

Record watch: West Coast distillate stocks (PADD 5) is the lowest since May 2025.

Distillate stocks on both US coasts are draining hard while COMEX metal cover sits at multi-month extremes, a split board where energy inventories collapse and the metals complex builds.

Distillate stocks on both US coasts are draining hard while metals inventories sit pinned near their extremes, and the split is the whole story.

Physical distillate on both US coasts is draining at once, with East Coast stocks now the lowest in the 37-year record, while LME base-metal inventories split hard between an aluminum floor and a lead ceiling.

The distillate complex is draining across the map while COMEX copper and Tokyo gold sit near their record highs, a split board where fuel inventories bottom out and metal stays pinned to the ceiling.

Two extremes anchor the board today: LME aluminum sits at its 19-year low while COMEX copper prints an 8-month high, and the split-timeframe tells the story better than either level alone.

The board splits clean today: LME base-metal warehouses are draining toward record floors while COMEX copper stacks to an 8-month high, and Tokyo retail gold prints near a 38-year peak even as it drops 2.5% on the day.

The physical board splits clean today: LME base-metal warehouses draining toward record lows while COMEX copper piles to an 8-month high, and Tokyo retail gold sitting a hair off its 38-year ceiling.

LME aluminum sits at the lowest level in its 19-year record while COMEX copper piles up to an 8-month high, two base-metal warehouses reading in opposite directions on the same day.

The physical board reads thin at the top of the deck: platinum coverage on COMEX sits at an 8-month low while Tokyo retail gold prints in the 99th percentile of a 38-year record.

The board splits clean today: physical reserves draining at the bottom of their ranges while price and one copper pile sit pinned at the top.

LME aluminum stocks just printed the lowest level in the 19-year record while base-metal warehouses split hard, with lead sitting at the opposite extreme.

Tokyo retail gold is pressing the top of a 38-year record while COMEX gold stocks quietly grind to a 7-month low, two ends of the metal squeezed at once.

Tokyo retail gold prints near a 38-year high while three separate warehouse series drain toward multi-year lows, and the crude stockpile keeps grinding to depths not seen since 1982.

Two crude series are pulling in opposite directions while gold sits pinned near record highs from Tokyo to COMEX, and the base metals split down the middle.

Two crude series pull in opposite directions while precious metals stocks quietly thin and Tokyo gold sits within a point of its 38-year ceiling.

Managed money is piling into both copper and gold longs while the physical board splits: copper stocks stacking at a 7-month high, gold stocks bleeding to a 7-month low, and SPR crude at a 44-year floor.

The board splits clean today: paper positioning and physical warehouse stocks in copper are both stretched to multi-year highs, while COMEX registered gold and platinum sit pinned near 7-month lows.

The physical board splits clean today: copper is stacking up on both COMEX and the money-manager ledger while COMEX precious-metal warrants grind to 7-month lows.

Speculators piled into copper and gold paper this week while the physical board split hard, COMEX copper stacked to a 7-month high even as LME tin drained 30% in a month.

Managed money is stacking into copper and gold at multi-year extremes while the physical warehouse picture pulls in two directions: copper piling up on COMEX, gold and platinum draining toward 7-month lows.

Managed money is piling into copper and gold paper at multi-year extremes while the physical metal in COMEX vaults tells two different stories.

Managed money keeps piling into copper and gold longs even as COMEX and LME warehouse stocks split three ways, some at record highs, some at 7-month lows.

Copper and lead inventories are piling into their record ceilings while zinc drains and managed money keeps stacking net-long copper to a 20-year high, a board where positioning and physical stocks are pulling in opposite directions.

Base metals are stacking up in warehouses while COMEX gold quietly drains toward a 7-month low, and Tokyo retail gold sits within a point of its 38-year ceiling.

Record watch: Managed-money net copper (COT) is the highest since Feb 2021.

The base metals board is splitting hard: LME lead sits at a 19-year record high while LME aluminum sits at a 19-year record low, with the whole complex pulling in opposite directions on the same day.

The base-metals board split hard today: LME lead sits pinned at a 19-year high while LME aluminum prints the lowest in that same 19-year record.

The board splits clean today: physical copper is piling up in warehouses at the same moment the paper crowd stacks its biggest net-long bet since 2021, while COMEX gold registered stocks keep draining.

The copper board splits clean: paper positioning at a 20-year extreme and COMEX warehouse stocks at a 7-month high, while gold metal quietly drains off COMEX shelves.

LME lead stocks sit at the top of a 19-year record after a 46.7% monthly build, while COMEX gold drains to a 7-month low, two base and precious metals moving in opposite directions.

Two 19-year LME extremes sit at opposite ends of the shelf today: lead pinned at its record high, aluminum scraping its record low.

The board splits by metal: LME lead has ballooned to a 19-year record high while COMEX gold stocks and their coverage ratio grind to multi-month lows.

The physical board splits clean today: base metals piling up at the top of their ranges while COMEX gold vaults and both U.S. crude stockpiles grind toward multi-decade lows.

Record watch: Cushing crude is the lowest since Aug 2014.

Record watch: Cushing crude is the lowest since Aug 2014.

Two energy reserves sit at multi-decade lows while LME lead stocks push to the top of a 19-year record, and COMEX gold's registered pile keeps thinning underneath a rising copper stack.

The base metals board is splitting hard, LME lead sitting at the top of its 19-year record while LME aluminum sits at the very bottom of the same window.

The board splits by metal: LME base stocks pull in opposite directions while COMEX gold registered inventory grinds to a 7-month low and Tokyo retail gold sits a hair off its 38-year peak.

The physical board splits clean today: energy reserves grinding to multi-decade lows while base-metal warehouses swell to record highs, with COMEX gold sitting quietly near a 7-month floor.

The base-metal board split hard today: LME aluminum sits at the lowest level in its 19-year record while LME lead sits at the top of the same window, up 50.5% in 30 days.

Today's standout: LME lead stocks, 100th percentile of 19-yr record.

The board splits along one axis: metals with 30-day inflows are stacking up while gold's deliverable base and the reserve behind it keep thinning.

LME lead sits at a 19-year record high while COMEX gold stocks grind to a 6-month low, two inventory series pulling in opposite directions.

The board splits by metal today: LME lead stocks sit pinned at a 19-year peak while COMEX gold cover keeps thinning, two inventory stories running in opposite directions.

LME lead sits at a 19-year record while the day's tape barely moves, and the metal that usually moves opposite to it is doing the same thing on the other side of the ledger.

LME lead stocks sit at a 19-year peak while COMEX gold quietly drains to a 6-month floor, the physical board splitting hard between the metals piling up and the ones thinning out.

LME lead stocks sit pinned at a 19-year high after a 49.6% build over 30 days, while COMEX gold quietly grinds to a 6-month low, two metals telling opposite inventory stories.

LME lead stocks pinned at the top of a 19-year record after a 48.9% one-month build, while both COMEX gold coverage and registered gold sit near the floor of their short-run range.

LME lead stocks sit at the top of their 19-year record after a 48.9% one-month build, while COMEX gold coverage grinds toward the floor of its short run.

LME lead stocks sit pinned at the top of a 19-year record after a 48.9% one-month build, while the physical backdrop underneath COMEX gold keeps thinning.

LME lead stocks sit pinned at the top of a 19-year record after a 49.5% build in 30 days, while COMEX gold coverage grinds down to the 11th percentile of its short-run history.

The physical board splits clean today: SPR crude and COMEX gold registered stocks sit at multi-decade and short-run lows while copper piles up and gold's warehouse coverage keeps thinning.

SPR crude sits at its lowest since April 1983 while COMEX gold coverage bleeds 14.3% over the month, two reserves thinning on opposite ends of the energy-metal ledger.

SPR crude sits at a 44-year low while COMEX gold stocks and coverage drain quietly underneath a Tokyo retail gold print still parked in the 98th percentile.

The physical gold complex is thinning at the COMEX while paper markets stay quiet, and the crude reserve just printed its lowest reading since 1983.

Physical gold coverage on COMEX keeps thinning while Tokyo retail gold sits near a 38-year high, and the energy reserve data underneath everything reads at 44-year lows.

SPR crude sits at 319.5 MM bbl, its lowest since April 1983, while COMEX gold coverage keeps draining and Tokyo retail gold holds at the 99th percentile of a 38-year record.

SPR crude sits at a 44-year low while COMEX gold's registered stock grinds to a 6-month bottom and its coverage ratio caves, a board where the deep reserves are the ones thinning out.

Physical reserves keep draining while the paper crowd trims copper bets, and gold coverage on COMEX is thinning even as the daily tape stays flat.

SPR crude sits at a 44-year low while COMEX gold coverage bleeds inventory and silver's deliverable share climbs to a 6-month high, a board where the tanks are draining and the vaults are thinning at once.

SPR crude sits at 325.7 MM bbl, the lowest since May 1983, while COMEX gold coverage bleeds down 14.5% over 30 days and LME copper drains 16.9% in the same window.

Two reserves that back paper claims are thinning in parallel: US strategic crude sits at a 44-year low while COMEX registered gold prints a 6-month low.

Two crude reserves are draining at double-digit monthly rates while the physical metal quietly tightens on both sides of the Pacific.

SPR crude sits at its lowest since May 1983 while COMEX registered gold grinds to a 6-month low, two stockpiles thinning at once.

SPR crude sits at 325.7 MM bbl, its lowest reading since May 1983, and the physical board across oil, silver, and copper is doing more talking than the paper tape.

SPR crude sits at its lowest since May 1983 while COMEX silver's deliverable share and copper stocks both hit 6-month highs, a board split between a drained federal reserve and rebuilding exchange metal.

SPR crude sits at its lowest since May 1983 while COMEX silver's deliverable metal jumps to a 6-month high in a single session.

Crude stocks are draining across every tank we track while copper inventories diverge between two exchanges, and Tokyo retail gold sits near its 38-year ceiling even as it bleeds on the month.

Crude inventories are draining hard across every storage point we track, while the copper picture splits in two: COMEX stocks at a 6-month high against LME stocks bleeding 13% in a month.

The crude complex is the story today: SPR at a 44-year low, Cushing draining hard, while copper stocks split between exchanges and gold sits pinned near record highs.

The petroleum board is draining hard while copper stocks pull in two directions, and the SPR sits at a level it last held in 1983.

The energy complex is draining across every tier at once, with SPR crude at its lowest since 1983 and Cushing down more than a quarter in 30 days, while the metals board splits between drained LME warehouses and a COMEX copper pile sitting at a 5-month high.

Drawdowns dominate the board today, with SPR crude at a 44-year low and LME aluminum at its weakest since 2022, while COMEX copper quietly runs the other way.

The petroleum complex is draining across every tier while precious-metals levels stay parked near record highs, leaving the board split between energy stocks bleeding out and metal holdings sitting still.

The oil complex is draining across every tier, with SPR crude at its lowest since July 1983 and Cushing down 26.9% in 30 days, while the metals board shows two extremes sitting still.

The energy reserve picture is draining faster than the metals board, with SPR crude at its lowest since 1983 and Cushing down nearly 27% in 30 days, while gold positioning sits pinned near the top of its 37-year range.

Crude inventories are draining across every tier the Desk tracks, with the SPR at its lowest since Jul 1983, while base-metal warehouses thin and Tokyo retail gold sits a hair off its 37-year record.

The energy board is draining at every node while gold sits pinned near a 37-year ceiling, and the divergence is the whole story.

The energy reserve picture dominates: SPR crude sits at its lowest since 1983 while Cushing has drained 26.9% in 30 days, and both keep falling.

The petroleum side of the board is draining at every node, with SPR crude at its lowest level since July 1983 and Cushing down 26.9% in 30 days, while base-metal stocks split clean down the middle.

Record watch: SPR crude is the lowest since Jul 1983.

The physical read today is a drawdown story across crude and platinum, with COMEX gold cover building and LME lead the lone stock-builder.

Energy storage is draining at both ends while base metals split, with LME aluminum at its lowest since Sep 2022 and COMEX copper at a fresh 5-month high.

Crude stocks drained across the board while LME aluminum hit a 2022 low and Tokyo retail gold sat near the top of its 37-year record.

Record watch: SPR crude is the lowest since Aug 2023.

Crude stocks keep draining across the board while Tokyo retail gold sits near a 37-year high and base-metal warehouses split in opposite directions.

Crude inventories are draining across the SPR and Cushing while managed money piles into copper and COMEX copper stocks build, and Tokyo retail gold has pulled back from record highs.

The energy complex keeps draining while the base metals split, with Cushing and SPR crude sliding, copper inventory and managed-money longs both building, and LME aluminum at its lowest since Oct 2022.