Jun 25, 2026
Drawdowns dominate the board today, with SPR crude at a 44-year low and LME aluminum at its weakest since 2022, while COMEX copper quietly runs the other way.
SPR crude sits at 331.2 MM bbl, the lowest since June 1983 and the 2nd-lowest reading in a 44-year record. The week's 2.7% draw looks modest, but the 30-day move of 11.5% is what put the level here; this is the rare case where the position is extreme and still moving, not extreme and frozen.
The crude complex rhymes down the line. Cushing crude is off 26.6% over 30 days to a 19.0 MM bbl level last seen in October 2014, and US commercial crude has eased 7.4% to the 75th percentile of its record. The hub is draining far faster than the broad commercial pool, a divergence in velocity rather than direction.
Base metals split. LME aluminum sits at the 1st percentile of an 18-year record, the lowest since September 2022, yet the daily move is a near-flat 0.5%, an extreme level with calm speed. LME copper is down 12.8% over 30 days but still holds the 77th percentile, while COMEX copper runs opposite at a 5-month high, up 3.0% on the month.
Tokyo retail gold reads 98th percentile of a 37-year record at the level, even as it has shed 10.3% over 30 days, the same level-versus-velocity tension. COMEX registered gold sits at a 5-month low on a 4.6% monthly slide. The data shows a board defined by tight inventories that are, in most cases, still tightening.
SPR crude fell to 331.2 MM bbl, the lowest reading since June 1983 and the 2nd-lowest in a 44-year record. Down 2.7% on the week and 11.5% over 30 days, the reserve is both extreme and still falling.
Tokyo retail gold sits at ¥23,094/g, in the 98th percentile of its 37-year history. The level stays near the top even after a 2.1% daily drop and a 10.3% slide over 30 days.
Cushing crude dropped to 19.0 MM bbl, the lowest since October 2014. The 5.4% weekly draw and 26.6% monthly slide make this the fastest-moving piece of the oil board.
COMEX registered gold, the metal actually deliverable against futures, sits at 15.01M oz, a 5-month low. It edged up 0.1% on the day but is down 4.6% over 30 days.
LME aluminum stocks fell to 310,225 mt, the lowest since September 2022 and the 1st percentile of an 18-year record. The daily move was a near-flat 0.5%, so the extreme level sits on a calm day.
LME copper stocks of 341,925 mt are down 12.8% over 30 days but still hold the 77th percentile of an 18-year record. The level remains elevated even as it drains.
COMEX copper stocks rose to 655,834 short tons, a 5-month high, up 0.3% on the day and 3.0% over 30 days. This is the one inventory on the board building rather than drawing.
US commercial crude sits at 412.1 MM bbl, the 75th percentile of a 44-year record. It is off 1.5% on the week and 7.4% over 30 days, a slower draw than the Cushing hub.
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.