Jul 3, 2026
SPR crude sits at 325.7 MM bbl, its lowest reading since May 1983, and the physical board across oil, silver, and copper is doing more talking than the paper tape.
The headline is the SPR: 325.7 MM bbl as of Jun 26, the lowest since May 1983 and the 2nd percentile of a 44-year record. Down 1.7% on the week and 10.8% over 30 days, this is a depleted reserve still draining, not a level parked at a floor.
Cushing rhymes with it on the trend and diverges on the day. At 19.7 MM bbl it holds the 12th percentile of its 22-year record and is down 14.6% over 30 days, yet it ticked up 3.7% on the week. A thin tank with a small bounce inside a steep decline; the level is what matters, not the weekly wiggle.
On the metals side, COMEX silver deliverable share is a 6-mo high at 28.7% and silver coverage a 6-mo high at 17.1%, both up over 30 days, while COMEX registered gold sits at a 6-mo low of 14.83M oz. Silver tightening on the deliverable metric while registered gold thins out is the kind of split worth tracking. The daily moves on all three are effectively flat, so these are level stories, not velocity stories.
COMEX copper stocks logged a 6-mo high at 666,821 short tons, up 3.9% over 30 days, even as managed-money net copper sits at the 92nd percentile of its 20-year record but is down 10.3% over 30 days. Rising physical stocks against paper positioning that is high but cooling; the position is extreme, the speed is negative. The board shows depleted energy reserves and a metals complex where levels and rate-of-change keep disagreeing.
The U.S. strategic oil reserve holds 325.7 MM bbl, its lowest since May 1983 and near the bottom of a 44-year record. It fell 1.7% on the week and 10.8% over 30 days, so the drain is still active.
Tokyo retail gold sits at 23,799 yen per gram, the 99th percentile of a 38-year record. It rose 1.6% on the day but is down 6.7% over 30 days, so the level is historically high even after a month of softening.
The share of COMEX silver stocks marked deliverable is 28.7%, a 6-month high, up 8.3% over 30 days. The daily move was flat at -0.3%, so this is a trend that built over weeks, not a one-day jump.
COMEX registered gold, the metal actually available to settle contracts, sits at 14.83M oz, a 6-month low. It was flat on the day but down 3.0% over 30 days, a slow bleed rather than a sudden drop.
The Cushing storage hub holds 19.7 MM bbl, the 12th percentile of a 22-year record. It rose 3.7% on the week but is down 14.6% over 30 days, a small bounce inside a steep decline.
COMEX copper stocks reached 666,821 short tons, a 6-month high, up 3.9% over 30 days. The daily change was a rounding-error 0.1%, so the build is a steady accumulation.
COMEX silver coverage stands at 17.1%, a 6-month high, up 2.5% over 30 days. It was flat on the day, so the rise came gradually over the month.
Managed-money net long copper positioning sits at 66,547 contracts, the 92nd percentile of a 20-year record. It fell 3.6% on the week and 10.3% over 30 days, so speculative length is high but coming off.
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.