Jul 1, 2026
SPR crude sits at its lowest since May 1983 while COMEX silver's deliverable metal jumps to a 6-month high in a single session.
SPR crude leads the board: 325.7 MM bbl, the lowest reading since May 1983, down 1.7% on the week and down 10.8% over 30 days. That is a 44-year low on a reserve that exists precisely to be a buffer, and the drain has not slowed.
The oil complex rhymes below the surface. Cushing crude sits at just the 12th percentile of its 22-year record and is down 14.6% over 30 days, even after a 3.7% weekly bounce; a thin working hub and a thin strategic reserve are draining together, not in isolation.
Silver tells the opposite story on speed. COMEX deliverable share hit 28.7% and coverage 17.0%, both 6-month highs, each up more than 6% in a single day. These are short-run records built fast, worth watching precisely because the daily move is doing the work, not a slow grind.
The tension worth naming is Tokyo retail gold: at ¥23,203/g it sits in the 99th percentile of a 38-year record, an extreme level, yet the daily move is a placid +0.3% against a 30-day drop of 9.9%. A level can be historically high while its velocity is calm; that gap between position and speed is the read here, not a forecast.
The Strategic Petroleum Reserve holds 325.7 MM bbl, the lowest since May 1983. It is down 1.7% on the week and 10.8% over 30 days, ranking 2nd-lowest in the 44-year record.
Tokyo retail gold sits at ¥23,203/g, in the 99th percentile of its 38-year record. The level is near a historic high even though it is up only 0.3% on the day and down 9.9% over 30 days.
The share of COMEX silver that is actually deliverable rose to 28.7%, a 6-month high, up 6.6% in a single day. A higher deliverable share means more of the stockpile is available to settle contracts.
COMEX silver coverage climbed to 17.0%, a 6-month high, up 6.3% on the day but only 1.8% over 30 days. The sharp daily jump is doing most of the recent work.
Cushing crude sits at 19.7 MM bbl, just the 12th percentile of its 22-year record. It bounced 3.7% on the week but remains down 14.6% over 30 days.
COMEX copper stocks reached 666,337 short tons, a 6-month high, up 0.5% on the day and 3.8% over 30 days. This warehouse pile has been building steadily.
COMEX registered gold, the metal cleared for delivery, fell to 14.83M oz, a 6-month low near the 3rd percentile. It is down 4.2% over 30 days despite a flat 0.3% daily tick.
LME copper stocks stand at 329,225 mt, still in the 74th percentile of the 19-year record. But they are down 1.2% on the day and 15.5% over 30 days, a steady drain from a mid-high level.
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.