Jun 26, 2026
The energy complex is draining across every tier at once, with SPR crude at its lowest since 1983 and Cushing down more than a quarter in 30 days, while the metals board splits between drained LME warehouses and a COMEX copper pile sitting at a 5-month high.
SPR crude at 331.2 MM bbl is the lowest since June 1983, a 44-year floor, and it fell another 2.7% on the week. The level is the story; sitting at the 2nd percentile of the entire record while still declining is a reserve that is both historically thin and still leaking.
Cushing crude rhymes with it, down 26.6% over 30 days to the lowest since Oct 2014, and even commercial crude at the 75th percentile shed 7.4% on the month. Three tiers of US oil storage are pulling in the same direction at once, though only the strategic and hub stocks sit near the bottom of their ranges.
The metals board diverges. LME aluminum at the lowest since Sep 2022 and LME copper off 12.9% in 30 days both drained, while COMEX copper climbed to a 5-month high, up 3.8% on the month. Metal is leaving London warehouses and accumulating in COMEX sheds, a split worth watching even on a thin 5-month record.
The cleanest tension sits in gold. Tokyo retail gold holds the 98th percentile of a 37-year record yet barely moved, up 0.2% on the day and down 9.6% over the month; meanwhile COMEX registered gold sits at a 5-month low. A price near its historical ceiling and a deliverable inventory near its short-run floor is the gap the data is flagging.
The US strategic petroleum reserve fell to 331.2 MM bbl, the lowest level since June 1983 and the 2nd percentile of a 44-year record. It dropped 2.7% on the week and 11.5% over 30 days, so a historically thin reserve is still shrinking.
Tokyo retail gold sits at ¥23,150/g, the 98th percentile of its 37-year record, but barely moved on the day at +0.2%. The price is near its all-time ceiling even as it has eased 9.6% over the past month.
Cushing crude, the key US storage hub, fell to 19.0 MM bbl, the lowest since Oct 2014. Down 5.4% on the week and 26.6% over 30 days, it is draining fast.
COMEX copper stocks rose to 660,768 short tons, a 5-month high, up 0.8% on the day and 3.8% over 30 days. Metal is accumulating here while LME warehouses drain.
US commercial crude sits at 412.1 MM bbl, still the 75th percentile of its 44-year record, so the level is comfortable. But it fell 1.5% on the week and 7.4% over 30 days.
COMEX registered gold, the metal actually pledged for delivery, fell to 14.94M oz, a 5-month low. It slipped 0.4% on the day and 5.0% over 30 days.
LME aluminum stocks fell to 308,225 mt, the lowest since Sep 2022 and the bottom percentile of an 18-year record. Down 9.2% over 30 days.
LME copper stocks sit at 339,100 mt, still the 76th percentile of its 18-year record, but the trend is sharply down: off 0.8% on the day and 12.9% 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.