Jun 27, 2026
The petroleum board is draining hard while copper stocks pull in two directions, and the SPR sits at a level it last held in 1983.
SPR crude is the loudest card on the board: 331.2 MM bbl, the lowest since June 1983, down 2.7% on the week and 11.5% over 30 days. That is a 44-year low in the level, and the velocity hasn't let up.
Cushing rhymes with it, down 5.4% on the week and 26.6% over 30 days to its lowest since October 2014, while commercial crude sits at the 75th percentile but is sliding 7.4% over the month. Across the petroleum cards the same pattern holds: stocks bleeding faster than the headline levels alone would suggest.
Copper splits the difference. COMEX stocks ticked to a 6-mo high, up 4.0% over 30 days, while LME copper fell 13.1% over the same window to the 75th percentile, two exchanges moving opposite directions. Managed money sits at the 92nd percentile of its 20-yr record yet trimmed 3.6% on the week, a crowded position cooling at the edges.
On the metals, Tokyo retail gold sits at the 98th percentile of a 37-year record but is down 9.6% over 30 days, a high perch with a soft month, while COMEX registered gold hit a 6-mo low. The data shows a market where extreme levels and the speed beneath them keep disagreeing.
SPR crude is at 331.2 MM bbl, the lowest reading since June 1983. It fell 2.7% on the week and 11.5% over 30 days, a 44-year low that is still moving lower.
Tokyo retail gold sits at ¥23,150/g, the 98th percentile of a 37-year record. The level is near the top of the range, but it's down 9.6% over the past 30 days.
Cushing crude is down to 19.0 MM bbl, the lowest since October 2014. The drawdown is steep: 5.4% on the week and 26.6% over 30 days.
COMEX copper stocks rose to 662,802 short tons, a 6-month high, up 0.3% on the day and 4.0% over 30 days. Note this is a short-run high; the series only runs a few months deep.
LME copper stocks are at 336,475 mt, the 75th percentile of an 18-year record. They slipped 0.8% on the day and 13.1% over 30 days, falling while COMEX copper builds.
US commercial crude sits at 412.1 MM bbl, the 75th percentile of a 44-year record. The level is mid-to-high, but it's down 1.5% on the week and 7.4% over 30 days.
Managed-money net copper is 66,547 contracts, the 92nd percentile of a 20-year record. The bet is crowded, but it eased 3.6% on the week and 10.3% over 30 days.
COMEX registered gold fell to 14.78M oz, a 6-month low, down 1.0% on the day and 6.0% over 30 days. This is a short-run low on a series only a few months deep.
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.