Jul 8, 2026
SPR crude sits at a 44-year low while COMEX gold coverage bleeds inventory and silver's deliverable share climbs to a 6-month high, a board where the tanks are draining and the vaults are thinning at once.
The standout is SPR crude at 319.5M bbl, the lowest reading since April 1983 and dead-bottom of its 44-year record at the 1st percentile. Down 1.9% on the week and 10.5% over 30 days, this is not a level parked at an extreme; it is still moving lower.
The oil complex rhymes. Cushing crude sits at the 12th percentile of its 22-year record and is down 12.6% over 30 days, so the pattern is broad rather than isolated to one storage hub.
Gold and silver pull in opposite directions on deliverability. COMEX gold coverage sits at the 17th percentile and is down 13.7% over 30 days while registered gold marks a 6-month low; silver's deliverable share climbed to a 6-month high at the 97th percentile, up 7.1% over 30 days. Note the tension in gold: coverage was flat on the day, 0.0%, yet down sharply over the month. The level is stressed while the daily move is quiet, which means the pressure built gradually, not in a single session.
Managed-money net copper stays elevated at the 90th percentile of its 20-year record but bled 10.3% on the week and 15.3% over 30 days, a crowded position unwinding while COMEX copper stocks hit a 6-month high, up 3.9% over 30 days. Tokyo retail gold sits at the 99th percentile of a 38-year record even after a 1.2% daily dip. What the data shows is a divided board: crude storage and gold deliverability draining, copper metal and silver deliverability building, and positioning coming off the highs.
SPR crude fell to 319.5M bbl, the lowest since April 1983 and the 1st percentile of a 44-year record. Down 1.9% on the week and 10.5% over 30 days, it is still falling, not just sitting low.
COMEX gold coverage sits at 40.1%, the 17th percentile of its 6-month record. It was flat on the day but down 13.7% over 30 days, so the erosion built slowly rather than in one move.
Registered gold, the metal actually pledged for delivery, fell to 14.82M oz, a 6-month low. It was flat on the day and down 2.2% over the month.
Tokyo retail gold sits at 23,741 yen per gram, the 99th percentile of a 38-year record, even after slipping 1.2% on the day and 4.5% over 30 days.
COMEX silver's deliverable share rose to 28.5%, a 6-month high at the 97th percentile. Up 0.6% on the day and 7.1% over 30 days, it is building, the opposite of gold.
Managed-money net copper longs sit at 59,703 contracts, still the 90th percentile of a 20-year record, but down 10.3% on the week and 15.3% over 30 days. A crowded position coming off the highs.
Cushing crude sits at 19.6M bbl, the 12th percentile of a 22-year record. Barely moved on the week but down 12.6% over 30 days.
COMEX copper stocks rose to 671,399 short tons, a 6-month high. Up 0.4% on the day and 3.9% over 30 days, metal is accumulating in the warehouses.
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.