Jul 4, 2026
SPR crude sits at its lowest since May 1983 while COMEX registered gold grinds to a 6-month low, two stockpiles thinning at once.
SPR crude at 325.7 MM bbl is the headline: the lowest reading since May 1983, sitting at the 2nd percentile of a 44-year record, down 1.7% on the week and 10.8% over 30 days. Both level and velocity point the same way, which is the least ambiguous signal on the board.
The silver deliverable metrics rhyme with each other and diverge from their own daily calm. Deliverable share at 28.7% and coverage at 17.1% both print 6-month highs, both up over 30 days (8.3% and 2.5%), yet both are flat on the day (-0.3%, -0.1%). The position is stretched even as the daily move sits still, the tension worth flagging.
Gold pulls the same trick in reverse. Tokyo retail (Tanaka) at ¥23,799/g holds the 99th percentile of a 38-year record while down 6.7% over 30 days, and COMEX registered gold sits at a 6-month low, 3rd percentile, essentially unchanged on the day at -0.0%. Extreme levels, quiet or falling tape.
Copper reads split: LME stocks down 16.6% over 30 days but still mid-range at the 72nd percentile, while managed-money net longs at 66,547 contracts hold the 92nd percentile despite trimming 10.3% on the month. The data shows several stockpiles at multi-decade or multi-month extremes with daily moves that mostly refuse to confirm the alarm.
The Strategic Petroleum Reserve holds 325.7 MM bbl, the lowest since May 1983 and the 2nd percentile of a 44-year record. It fell 1.7% on the week and 10.8% over 30 days.
Tokyo retail gold via Tanaka sits at ¥23,799/g, the 99th percentile of a 38-year record. It rose 1.6% on the day but is down 6.7% over the month, a stretched level with a softening trend.
The share of COMEX silver classed as deliverable is 28.7%, a 6-month high. It slipped 0.3% on the day but climbed 8.3% over 30 days.
COMEX registered gold, the metal actually pledged for delivery, sits at 14.83M oz, a 6-month low at the 3rd percentile. It was flat on the day and down 3.0% over 30 days.
Cushing crude stocks are 19.7 MM bbl, the 12th percentile of a 22-year record. They rose 3.7% on the week but are down 14.6% over 30 days.
COMEX silver coverage stands at 17.1%, a 6-month high. It edged down 0.1% on the day and is up 2.5% over the month.
LME copper stocks are 318,900 mt, still mid-pack at the 72nd percentile of a 19-year record. They fell 1.1% on the day and 16.6% over 30 days.
Managed-money net copper longs sit at 66,547 contracts, the 92nd percentile of a 20-year record. Positioning eased 3.6% on the week and 10.3% 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.