Daily Vault Briefing ·Jun 24, 2026
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.
8 signals ranked by distance from normal
SPR crude at 331.2 MM bbl is the lowest reading since June 1983, a 44-year low, down 2.7% on the week and 11.5% over 30 days. That sits at the 2nd percentile of its entire record; the level is at an extreme and the drain hasn't slowed.
The same story runs down the petroleum tiers. Cushing crude fell 26.6% over 30 days to its lowest since October 2014, and US commercial crude is off 7.4% over the same stretch. Three crude series pulling the same direction is the rhyme worth marking.
Base metals split. LME aluminum sits at the 1st percentile of an 18-year record, lowest since September 2022, yet the daily move is a near-flat 0.7%; LME copper is down 12.0% over 30 days but still holds the 77th percentile. COMEX copper diverges outright, up 3.0% on the month to a 5-month high. The aluminum gap between an extreme level and a calm daily speed is the standing tension here: position is pinned at the floor while velocity is quiet.
Precious-metals proxies stay elevated and slow. Tokyo retail gold holds the 99th percentile of a 37-year record despite a 9.0% slide over 30 days, and SLV shares sit at the 85th percentile, off just 1.7% on the month. The data shows energy inventories emptying fast and metal levels holding high; the divergence, not any single print, is the read.
The Strategic Petroleum Reserve holds 331.2 MM bbl, the lowest since June 1983 and the 2nd percentile of a 44-year record. Down 2.7% on the week and 11.5% over 30 days.
Tokyo retail gold sits at the 99th percentile of its 37-year record at ¥23,579/g, even after falling 2.1% on the day and 9.0% over 30 days. The level stays near a record high while the recent move is sharply lower.
Cushing crude is down 26.6% over 30 days to 19.0 MM bbl, the lowest since October 2014. The 5.4% weekly drop keeps it at the 11th percentile of a 22-year record.
LME aluminum stocks at 311,725 mt are the lowest since September 2022, the 1st percentile of an 18-year record. The level is at the floor while the daily move is a calm 0.7%.
COMEX copper stocks rose 0.3% on the day to 655,834 short tons, a 5-month high, up 3.0% over 30 days. This run is short, so it reads as a short-run high, not an all-time extreme.
US commercial crude sits at the 75th percentile of its 44-year record at 412.1 MM bbl, down 1.5% on the week and 7.4% over 30 days.
SLV shares outstanding hold the 85th percentile of a 20-year record at 531.0M shares, down just 0.5% on the day and 1.7% over 30 days. The holding stays elevated and the move is quiet.
LME copper stocks fell 1.2% on the day and 12.0% over 30 days to 344,925 mt, yet still sit at the 77th percentile of an 18-year record. The level is high while the monthly draw is steep.
Sources and method
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.