Jul 7, 2026
SPR crude sits at 325.7 MM bbl, the lowest since May 1983, while COMEX gold coverage bleeds down 14.5% over 30 days and LME copper drains 16.9% in the same window.
SPR crude at 325.7 MM bbl is the standout: a 44-year low, 2nd percentile of the record, down 1.7% on the week and 10.8% over 30 days. This is a reserve at its thinnest in four decades, and a thin buffer matters for one durable reason, there is less to draw on before the physical market has to clear elsewhere.
The gold board reads as a slow drawdown rather than a shock. COMEX registered gold sits at a 6-month low (14.82M oz, 3rd percentile) and coverage has fallen 14.5% over 30 days to the 17th percentile, yet both printed 0.0% on the day. The level is depleted; the daily speed is flat. That gap between an extreme position and a calm tape is the tension worth naming, the stress is in where the series sits, not in how fast it moved today.
Silver diverges from gold. COMEX silver's deliverable share is at 28.4%, a 6-month high in the 96th percentile, up 7.1% over 30 days while gold coverage drained. Two precious metals on the same exchange are pulling in opposite directions on deliverable metal.
Copper shows position and velocity disagreeing too. LME stocks at 314,950 mt still sit at the 70th percentile, mid-range by level, but down 16.9% over 30 days, and managed-money net longs (59,703 contracts, 90th percentile) fell 10.3% on the week. Elevated positioning, but the recent move is a retreat. The data shows drawdowns and stretched positions across the board, not a single clean signal.
The Strategic Petroleum Reserve holds 325.7 MM bbl, its lowest reading since May 1983, down 1.7% on the week and 10.8% over 30 days. That puts it in the 2nd percentile of a 44-year record.
Tokyo retail gold sits at 24,025 yen per gram, the 99th percentile of a 38-year record. Flat on the day, but down 5.4% over 30 days, so an extreme level with a softening month behind it.
The share of COMEX silver that is deliverable is 28.4%, a 6-month high in the 96th percentile. Off 1.3% on the day but up 7.1% over 30 days.
COMEX gold coverage stands at 40.1%, the 17th percentile of its 6-month record and down 14.5% over 30 days. It was flat on the day, so a depleted level rather than a sharp daily move.
Managed-money net copper longs total 59,703 contracts, still the 90th percentile of a 20-year record. But they fell 10.3% on the week and 15.3% over 30 days, a high position that is being trimmed.
Cushing crude sits at 19.7 MM bbl, the 12th percentile of a 22-year record. Up 3.7% on the week but down 14.6% over 30 days, a low level with a small recent uptick.
COMEX registered gold, the metal actually available to settle contracts, is 14.82M oz, a 6-month low in the 3rd percentile. Flat on the day, down 3.1% over 30 days.
LME copper stocks are 314,950 mt, still mid-range at the 70th percentile of a 19-year record. But they are down 1.2% on the day and 16.9% over 30 days, a steady drawdown from a middling 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.