Jul 9, 2026
Physical reserves keep draining while the paper crowd trims copper bets, and gold coverage on COMEX is thinning even as the daily tape stays flat.
SPR crude sits at 319.5 MM bbl, the lowest since April 1983, a 44-year low. The weekly draw was 1.9% and the 30-day slide 10.5%, so this is not a stale extreme; the reserve is still being pulled down at pace.
The oil picture rhymes across the barrel. Cushing at 19.6 MM bbl holds the 12th percentile of its 22-year record and is off 12.6% over 30 days. Both the strategic reserve and the working-inventory hub are draining together.
On the metals side, position and speed disagree. Managed-money net copper still sits at the 90th percentile of its 20-year record, an extended long, yet it fell 10.3% on the week and 15.3% over 30 days. The level says crowded; the rate-of-change says that crowd is backing out. COMEX gold coverage tells the same tension from the depth side, little changed on the day but down 13.7% over 30 days, now at the 17th percentile of its 6-mo record.
COMEX registered gold marks a 6-mo low at 14.82M oz, and silver's deliverable share sits at a 6-mo high of 28.5%. The data shows thinning deliverable gold against a widening silver deliverable share, with the sharp moves in the 30-day column and the daily tape mostly quiet.
The Strategic Petroleum Reserve holds 319.5 MM bbl, the lowest reading since April 1983. It fell 1.9% on the week and 10.5% over 30 days, so the draw is ongoing, not historical.
The share of COMEX silver sitting in deliverable form reached 28.5%, a 6-mo high and the 97th percentile of that short record. It rose 0.6% on the day and 7.1% over 30 days.
Managed money holds 59,703 net long copper contracts, still the 90th percentile of a 20-year record. But the position shrank 10.3% on the week and 15.3% over 30 days, so a crowded long is being trimmed.
Tokyo retail gold at Tanaka sits at ¥23,600/g, the 99th percentile of a 38-year record. It eased 0.6% on the day and 4.2% over 30 days, high in level but softening at the margin.
COMEX gold coverage stands at 40.1%, the 17th percentile of its 6-mo record. It was flat on the day but down 13.7% over 30 days, meaning less registered metal behind each open claim.
COMEX registered gold, the stock actually cleared for delivery, sits at 14.82M oz, a 6-mo low. It was little changed on the day and down 2.2% over 30 days.
Cushing crude holds 19.6 MM bbl, the 12th percentile of a 22-year record. It slipped 0.3% on the week and 12.6% over 30 days.
COMEX copper coverage rose to 14.1%, a 6-mo high and the 94th percentile of that short record. It gained 0.2% on the day and 13.9% over 30 days, moving opposite to gold's thinning coverage.
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.