Jun 19, 2026
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.
SPR crude is the headline. At 340.3 MM bbl, it's the lowest reading since July 1983, a 44-year low, down 2.6% on the week and down 11.4% over 30 days. The level is near the floor of its entire record and the move is still pointed down.
Cushing rhymes with it. At 20.0 MM bbl, the lowest since October 2014, the daily pace is the louder signal: down 7.4% on the week and down 26.9% over 30 days. US commercial crude tells the same directional story more calmly, off 7.7% over 30 days but still parked at the 77th percentile of its 44-year record. Three crude series draining together.
The base metals split. LME aluminum is at its lowest since September 2022, the 1st percentile of an 18-year series, yet the daily move is almost flat at down 0.3%, an extreme level paired with a quiet tape. LME lead does the opposite: a high 91st-percentile level that climbed 14.8% over 30 days, building rather than draining.
Tokyo retail gold sits at the 99th percentile of a 37-year record but fell 2.2% on the day and 5.7% over 30 days, a level near its ceiling with a cooling move underneath. The data shows reserves thinning across crude and aluminum while lead and silver coverage build, with several series sitting at extremes their daily moves no longer agree with.
The Strategic Petroleum Reserve holds 340.3 MM bbl, the lowest since July 1983. It fell 2.6% on the week and 11.4% over 30 days, sitting near the bottom of a 44-year record.
Cushing crude stocks dropped to 20.0 MM bbl, the lowest since October 2014. Down 7.4% on the week and 26.9% over 30 days, the pace of the drain is sharp.
Tokyo retail gold at Tanaka is 24,061 yen per gram, the 99th percentile of a 37-year record. It eased 2.2% on the day and 5.7% over 30 days, so the level sits near its ceiling while the move cools.
US commercial crude stands at 418.2 MM bbl, the 77th percentile of a 44-year record. It slipped 1.9% on the week and 7.7% over 30 days, a comfortably stocked level that is still drawing down.
LME aluminum stocks are 315,525 mt, the lowest since September 2022 and the 1st percentile of an 18-year series. The daily move was nearly flat at down 0.3%, but the 30-day drop is 7.4%.
LME lead stocks are 303,325 mt, the 91st percentile of an 18-year record. Up 14.8% over 30 days, this is one of the few series building rather than draining.
COMEX silver coverage is 16.7%, a 5-month high. It was flat on the day but up 6.1% over 30 days. The record here runs only a few months deep.
GLD shares outstanding are 354.9M, the 72nd percentile of a 22-year record. Up 0.1% on the day but down 2.4% over 30 days, a mid-high level with a slow bleed underneath.
Sources: CME Group COMEX warehouse reports, LME warehouse data, EIA Weekly Petroleum Status Report, ETF issuer filings, and venue price quotes. Every figure is computed straight from the stored source data; percentiles rank today's level against the series' full record.