Jun 22, 2026
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.
SPR crude carries the day at 340.3 MM bbl, the lowest reading since July 1983, a 44-year low sitting in the 2nd percentile of its record. The level is the story, but the velocity rhymes: down 2.6% on the week and down 11.4% over 30 days.
Cushing crude tells the same direction harder. At 20.0 MM bbl it sits in the 12th percentile, lowest since October 2014, and the 30-day move of -26.9% is the steepest drain on the board. Commercial crude is the calmer cousin, still high at the 77th percentile but down 7.7% over 30 days, so the muddy middle is full while the strategic and pricing-point reserves thin.
Metals diverge from energy by sitting comfortably where crude sits dangerously. LME copper holds the 79th percentile and managed-money net copper the 92nd, both elevated by position yet both bleeding on the 30-day tape, -10.5% and -7.4% respectively. The tension worth naming: copper LEVELS read full while the rate-of-change reads outflow.
Tokyo retail gold pins the extreme at the 99th percentile of a 37-year record, yet the daily move is a flat -0.4% and the 30-day is -6.6%; an extreme position with a calm-to-cooling speed. The data shows two systems pulling apart, energy reserves draining toward multi-decade floors while metals hold high ground and slowly let air out.
Strategic crude reserves stand at 340.3 MM bbl, the lowest level since July 1983 and the 2nd percentile of a 44-year record. Down 2.6% on the week and 11.4% over 30 days.
Cushing, the pricing hub, holds 20.0 MM bbl, lowest since October 2014. The 30-day drop of 26.9% is the sharpest decline on today's board.
Tokyo retail gold sits at ¥23,960/g, the 99th percentile of a 37-year history. An extreme level paired with a quiet -0.4% day and a -6.6% month.
Commercial crude inventory is 418.2 MM bbl, still elevated at the 77th percentile, but down 7.7% over 30 days. The everyday stockpile is full while strategic reserves thin.
LME aluminum stocks fell to 315,300 mt, the lowest since September 2022 and the 1st percentile of an 18-year record. The daily move is flat at -0.1%, the 30-day is -7.1%.
LME copper stocks at 352,150 mt remain high at the 79th percentile, yet down 10.5% over 30 days. A full warehouse that is steadily releasing metal.
SLV shares outstanding hold 530.9M, the 85th percentile of a 20-year record. Flat on the day and only down 1.6% over 30 days; holders are sitting still.
Managed-money net copper longs sit at 69,008 contracts, the 92nd percentile of a 20-year record. Positioning stays crowded long while the 30-day move trims 7.4%.
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.