Jun 29, 2026
Crude inventories are draining hard across every storage point we track, while the copper picture splits in two: COMEX stocks at a 6-month high against LME stocks bleeding 13% in a month.
SPR crude at 331.2 MM bbl is the lowest reading since Jun 1983, a 44-year low, down 11.5% over 30 days. The level sits at the 2nd percentile of its record, and the rate of decline has not let up.
The crude story rhymes across the board. Cushing fell 26.6% in 30 days to its lowest since Oct 2014, and commercial crude is off 7.4% over the same stretch. Three different storage points, all draining in the same direction.
Copper, by contrast, pulls apart. COMEX stocks printed a 6-month high at 662,802 short tons while LME stocks dropped 13.1% over 30 days to the 75th percentile. Metal is accumulating on one exchange and leaving the other; managed money trimmed net copper longs 10.3% over 30 days but still sits at the 92nd percentile, a crowded position cooling at the edges.
Tokyo retail gold shows the level-versus-velocity tension cleanly: ¥23,344/g sits at the 99th percentile of a 38-year record, yet it is down 8.4% over 30 days. An extreme position and a falling price at the same time. COMEX registered gold, meanwhile, hit a 6-month low at 14.78M oz, the deliverable pile thinning while the headline price stays elevated.
The Strategic Petroleum Reserve holds 331.2 MM bbl, the lowest level since June 1983. It fell 2.7% on the week and 11.5% over 30 days, sitting at the 2nd percentile of a 44-year record.
Tokyo retail gold via Tanaka is ¥23,344/g, the 99th percentile of a 38-year record. It ticked up 0.8% on the day but is down 8.4% over 30 days, so the level is extreme even as the recent trend has cooled.
Crude at the Cushing hub sits at 19.0 MM bbl, the lowest since October 2014. It dropped 5.4% on the week and 26.6% over 30 days, one of the sharper drains on the board.
COMEX copper stocks reached 662,802 short tons, a 6-month high. They rose 0.3% on the day and 4.0% over 30 days, so metal is still building on this exchange.
LME copper stocks stand at 336,475 mt, the 75th percentile of an 18-year record. They fell 0.8% on the day and 13.1% over 30 days, moving the opposite way from COMEX.
US commercial crude is 412.1 MM bbl, the 75th percentile of a 44-year record. It fell 1.5% on the week and 7.4% over 30 days, draining alongside the SPR and Cushing.
Managed money holds 66,547 net long copper contracts, the 92nd percentile of a 20-year record. The position fell 3.6% on the week and 10.3% over 30 days, a crowded long trimming at the margins.
COMEX registered gold, the metal available for delivery, sits at 14.78M oz, a 6-month low. It fell 1.0% on the day and 6.0% 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.