Jul 6, 2026
Two reserves that back paper claims are thinning in parallel: US strategic crude sits at a 44-year low while COMEX registered gold prints a 6-month low.
SPR crude at 325.7M bbl is the standout: the lowest since May 1983, down 10.8% over 30 days and sitting at the 2nd percentile of a 44-year record. Both level and speed point the same direction here, which is rare.
The oil board rhymes with itself. Cushing crude fell 14.6% over 30 days to the 12th percentile, though it bounced 3.7% on the week; the barrels that physically clear the delivery point are draining even as the strategic stockpile does.
COMEX metal shows the level-versus-velocity tension the Desk watches for. Registered gold at 14.83M oz is a 6-mo low and near the floor of its short record, yet moved 0.0% on the day, a depleted position with no fresh motion. Silver's deliverable share ran the other way, up 8.3% over 30 days to a 6-mo high while barely moving on the day.
Copper splits paper from physical. LME stocks dropped 16.6% over 30 days to the 72nd percentile, while managed-money net longs at 66,547 contracts hold the 92nd percentile of a 20-year record even as they ease 10.3% off. Positioning stays crowded; the metal behind it keeps leaving the warehouse.
The US strategic crude reserve holds 325.7M bbl, the lowest reading since May 1983. It is down 1.7% on the week and 10.8% over 30 days, sitting near the bottom of a 44-year record.
Tokyo retail gold priced 24,029 yen per gram, in the 99th percentile of a 38-year record. Up 1.0% on the day but down 5.4% over 30 days, so the level is historically high while the recent trend has softened.
The share of COMEX silver actually available for delivery reached 28.7%, a 6-month high. It slipped 0.3% on the day but is up 8.3% over 30 days.
COMEX registered gold, the metal cleared for delivery, sits at 14.83M oz, a 6-month low. It was flat on the day and down 3.0% over 30 days; a thin position that is not moving fast.
Cushing, the main US crude delivery hub, holds 19.7M bbl at the 12th percentile of a 22-year record. It rose 3.7% on the week but is down 14.6% over 30 days.
COMEX silver coverage stands at 17.1%, a 6-month high. Down 0.1% on the day and up 2.5% over 30 days.
LME copper warehouse stocks are 318,900 mt, at the 72nd percentile of a 19-year record. Down 1.1% on the day and 16.6% over 30 days, a steady drain.
Managed-money net long copper positioning is 66,547 contracts, in the 92nd percentile of a 20-year record. It eased 3.6% on the week and 10.3% over 30 days, so bets stay crowded even as they trim.
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.