Jun 28, 2026
The crude complex is the story today: SPR at a 44-year low, Cushing draining hard, while copper stocks split between exchanges and gold sits pinned near record highs.
SPR crude reads 331.2 MM bbl, the lowest level since June 1983, down 2.7% on the week and 11.5% over 30 days. The level is the alarm, not the speed; sitting in the 2nd percentile of a 44-year record means a calm weekly move still leaves the reserve thinner than almost any point on the books.
Cushing crude rhymes with it, down 26.6% over 30 days to 19.0 MM bbl, the lowest since October 2014. Commercial crude tells a softer version of the same draw, off 7.4% on the month but still sitting at the 75th percentile, so the petroleum board is draining at the margins while the bulk inventory stays mid-range.
Copper diverges across exchanges. COMEX stocks pushed to a 6-month high at 662,802 short tons while LME copper fell 13.1% over 30 days to the 75th percentile; metal is piling up on one venue and bleeding off the other. Managed-money net copper sits at the 92nd percentile of its 20-year record even after a 10.3% trim, a crowded long that has stopped getting more crowded.
Gold shows the cleanest level-versus-velocity split on the board. Tokyo retail gold sits in the 98th percentile of a 37-year record yet barely moved on the day at +0.2%, even as it gave back 9.6% over 30 days, while COMEX registered gold hit a 6-month low at 14.78M oz. An extreme price level paired with a thinning deliverable stockpile is the standing tension worth tracking.
The Strategic Petroleum Reserve holds 331.2 MM bbl, its lowest since June 1983. Down 2.7% on the week and 11.5% over 30 days, it sits in the 2nd percentile of a 44-year record.
Tokyo retail gold sits at ¥23,150/g, in the 98th percentile of its 37-year record. The daily move was a flat +0.2%, but the price is down 9.6% over the past 30 days.
Cushing crude fell to 19.0 MM bbl, the lowest since October 2014. It is down 5.4% on the week and 26.6% over 30 days, sitting in the 11th percentile of a 22-year record.
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. The record here runs only a few months deep.
LME copper stocks slipped to 336,475 mt, down 0.8% on the day and 13.1% over 30 days. That leaves the level at the 75th percentile of an 18-year record, draining as COMEX stocks climb.
US commercial crude sits at 412.1 MM bbl, the 75th percentile of a 44-year record. It is down 1.5% on the week and 7.4% over 30 days, a milder draw than the SPR and Cushing.
Managed-money net copper stands at 66,547 contracts, the 92nd percentile of a 20-year record. The long is still crowded even after a 3.6% weekly trim and a 10.3% pullback 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 the deliverable pile, and its history runs 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.