Jun 30, 2026
Crude stocks are draining across every tank we track while copper inventories diverge between two exchanges, and Tokyo retail gold sits near its 38-year ceiling even as it bleeds on the month.
SPR crude at 331.2 MM bbl is the lowest reading since June 1983, a 44-year low, down 2.7% on the week and 11.5% over 30 days. That is the standout: a level scraping the bottom of a four-decade record with the velocity still pointed down.
The drain rhymes across the petroleum board. Cushing at 19.0 MM bbl sits at its lowest since October 2014 and is off 26.6% in 30 days, while commercial crude at the 75th percentile is down 7.4%. The level and the rate-of-change agree here: Cushing's 11th-percentile position and its sharp monthly slide both point the same direction.
Copper is where the board pulls apart. COMEX stocks hit a 6-month high at 662,802 short tons, up 4.0% on the month, while LME copper is down 14.5% over the same window. Two warehouses for the same metal, moving opposite ways; managed-money net longs at the 92nd percentile have come off 10.3%, a crowded position trimming at the edges.
Tokyo retail gold tells the level-versus-speed story cleanly: ¥23,125/g sits at the 98th percentile of a 38-year record, yet it is down 0.9% on the day and 9.3% on the month. An extreme position cooling off, not a calm one. The data shows tight crude, split copper, and an elevated gold level losing altitude.
The Strategic Petroleum Reserve holds 331.2 MM bbl, the lowest since June 1983. It fell 2.7% on the week and 11.5% over 30 days, leaving it near the bottom of a 44-year record.
Tokyo retail gold sits at ¥23,125/g, the 98th percentile of a 38-year record. The level is near its all-time high even after slipping 0.9% on the day and 9.3% over the month.
Cushing crude is down to 19.0 MM bbl, its lowest since October 2014. It dropped 5.4% on the week and 26.6% over 30 days, the sharpest decline on the board.
COMEX copper stocks reached 662,802 short tons, a 6-month high, up 0.3% on the day and 4.0% over 30 days. The history here is only a few months deep.
US commercial crude holds 412.1 MM bbl, sitting at the 75th percentile of a 44-year record. It is down 1.5% on the week and 7.4% over 30 days.
Managed-money net long copper sits at 66,547 contracts, the 92nd percentile of a 20-year record. The crowded position has trimmed 3.6% on the week and 10.3% over 30 days.
LME copper stocks are at 333,100 mt, the 75th percentile of a 19-year record. They fell 1.0% on the day and 14.5% over 30 days, pulling in the opposite direction from COMEX copper.
COMEX registered platinum sits at 212K oz, a 6-month low. It edged up 0.1% on the day but is down 6.0% over 30 days, near the bottom of its short record.
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.