Jul 5, 2026
Two crude reserves are draining at double-digit monthly rates while the physical metal quietly tightens on both sides of the Pacific.
SPR crude sits at 325.7 MM bbl, the lowest since May 1983, a 44-year low anchoring the 2nd percentile of its record. The week's move was a modest 1.7% lower, but the 30-day drop of 10.8% is the tell: the level is historically thin and the drain hasn't stopped.
Cushing rhymes with it. At 19.7 MM bbl it holds the 12th percentile of 22 years, and while the week ticked up 3.7%, the 30-day read is down 14.6%. Both crude tanks show a calm surface over a steep monthly slide, the classic gap between a soft daily print and a hard trend underneath.
The metal side leans the other way. COMEX silver deliverable share hit a 6-mo high at 28.7%, up 8.3% over 30 days, and coverage climbed to 17.1%, another 6-mo high, even as COMEX registered gold sank to a 6-mo low of 14.83M oz. Silver's usable float is thickening on paper while gold's shrinks; both sit at the extremes of their short records with daily moves near flat.
Tokyo retail gold at Tanaka prints ¥23,799/g, the 99th percentile of a 38-year record, up 1.6% on the day but down 6.7% on the month. The data adds up to reserves and floats parked at record extremes while the daily tape stays quiet, position and speed disagreeing across nearly every card on the board.
The Strategic Petroleum Reserve holds 325.7 MM bbl, its lowest level since May 1983 and the 2nd percentile of the entire record. Down 1.7% on the week and 10.8% over 30 days, the drain is steady rather than sudden.
Tokyo retail gold through 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 30 days.
The share of COMEX silver stock marked deliverable reached 28.7%, a 6-month high. Flat on the day but up 8.3% over 30 days, the usable float has been thickening steadily.
COMEX registered gold, the metal cleared for delivery, fell to 14.83M oz, a 6-month low at the 3rd percentile of that short record. It was unchanged on the day and down 3.0% over the month.
Cushing crude stands at 19.7 MM bbl, the 12th percentile of 22 years. It rose 3.7% on the week but is down 14.6% over 30 days, so the recent bounce sits inside a steep monthly fall.
COMEX silver coverage climbed to 17.1%, a 6-month high. Effectively flat on the day and up 2.5% over 30 days.
LME copper stocks hold 318,900 mt, the 72nd percentile of a 19-year record. Down 1.1% on the day and 16.6% over 30 days, the level is mid-range but the monthly drawdown is sharp.
Managed-money net long copper positioning reads 66,547 contracts, the 92nd percentile of 20 years. It eased 3.6% on the week and 10.3% over 30 days, trimming from a crowded extreme.
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.