Jun 20, 2026
The energy board is draining at every node while gold sits pinned near a 37-year ceiling, and the divergence is the whole story.
SPR crude is the standout: 340.3 MM bbl, the lowest reading since July 1983, a 44-year low, down 2.6% on the week and 11.4% over 30 days. This is a level extreme that the daily move keeps quietly extending rather than a one-day shock.
Cushing rhymes with it. At 20.0 MM bbl it sits at the lowest since October 2014, down 7.4% on the week and a sharp 26.9% over 30 days. Commercial crude at 418.2 MM bbl still holds the 77th percentile of its 44-year record, so the broad tank is comfortable while the marginal storage nodes thin out fast. That gap between a calm aggregate level and rapid drawdown at the edges is the tension worth watching.
Base metals echo the same pattern. LME aluminum at 315,300 mt is the lowest since September 2022 yet barely moved on the day, down 0.1%, while its 30-day slide runs 7.1%; LME copper holds a fuller 79th percentile but bled 10.5% over the month. Level says stocked, rate-of-change says draining.
Precious metals tell the opposite story. Tokyo retail gold sits at the 99th percentile of a 37-year record despite a 2.2% daily and 5.7% monthly pullback, while SLV shares hold the 85th percentile little changed on the day. The data shows energy and base-metal inventories thinning at the margins while metal positioning stays parked near the top of its range.
The Strategic Petroleum Reserve holds 340.3 MM bbl, the lowest since July 1983 and the 2nd-lowest reading in a 44-year record. It fell 2.6% on the week and 11.4% over 30 days.
Cushing, the key delivery hub, sits at 20.0 MM bbl, the lowest since October 2014. The drawdown is steep: 7.4% on the week and 26.9% over 30 days.
Tokyo retail gold prices ¥24,061/g, the 99th percentile of a 37-year record, even after slipping 2.2% on the day and 5.7% over the month. The level stays extreme while the move cools.
US commercial crude holds 418.2 MM bbl, still a comfortable 77th percentile of its 44-year history. It eased 1.9% on the week and 7.7% over 30 days, far calmer than the specialized storage nodes.
LME aluminum stocks total 315,300 mt, the lowest since September 2022 and the 1st percentile of an 18-year record. The day was flat at -0.1%, but the 30-day trend is down 7.1%.
COMEX silver coverage sits at 16.7%, a 5-month high, flat on the day and up 6.1% over 30 days. The history here is short, so read it as a short-run high, not an all-time mark.
LME copper stocks stand at 352,150 mt, a fuller 79th percentile of the 18-year record. The level looks stocked, but the metal drained 10.5% over 30 days, with another 1.0% off on the day.
SLV shares outstanding hold 530.9M, the 85th percentile of a 20-year record. The holding was little changed on the day and down 1.6% over 30 days.
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.