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.
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: 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.