Jul 10, 2026
SPR crude sits at a 44-year low while COMEX gold's registered stock grinds to a 6-month bottom and its coverage ratio caves, a board where the deep reserves are the ones thinning out.
SPR crude at 319.5 MM bbl is the lowest since April 1983, a 44-year floor. The week's move was only 1.9% lower, but the 30-day draw of 10.5% is doing the real work; the level is extreme and the daily pace is calm, which is the tension worth watching.
The oil story rhymes across the barrel. Cushing crude sits at the 12th percentile of its 22-year record and is down 12.6% over 30 days while barely moving on the week. Two crude gauges near their bottoms, both draining slowly rather than sharply.
On the metals side, COMEX gold coverage collapsed 13.7% over 30 days to the 17th percentile even as it was flat on the day, and registered gold hit a 6-month low at 14.82M oz. Copper coverage moved the opposite way, a 6-month high up 13.9% over 30 days, while managed money pulled 15.3% out of its net copper position over the same stretch. Paper positioning shrinking while deliverable coverage climbs is the kind of divergence the Desk flags.
The through-line is thin cover meeting elevated headline levels. Tokyo retail gold sits at the 99th percentile of a 38-year record while COMEX silver's deliverable share climbs to a 6-month high; the metal that clears is getting scarcer against the metal that trades.
The U.S. Strategic Petroleum Reserve holds 319.5 MM bbl, the lowest since April 1983. It slipped 1.9% on the week but is down 10.5% over 30 days, so the multi-week drain is steeper than any single week suggests.
Tokyo retail gold via Tanaka is at ¥23,843/g, the 99th percentile of a 38-year record. It rose 1.0% on the day despite being down 1.3% over 30 days, meaning the level stays near its ceiling even after a soft month.
The share of COMEX silver that is deliverable rose to 28.5%, a 6-month high, up 7.1% over 30 days. A rising deliverable share means more of the warehoused metal is available to settle contracts.
Managed-money net long copper stands 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. Speculative bulls are trimming a position that remains historically large.
COMEX gold coverage sits at 40.1%, the 17th percentile of its 6-month record. Flat on the day but down 13.7% over 30 days, the cushion behind open contracts has thinned steadily even without a dramatic daily shift.
COMEX registered gold, the metal cleared for delivery, is at 14.82M oz, a 6-month low. It held steady on the day but is down 2.2% over 30 days.
Cushing crude sits at 19.6 MM bbl, the 12th percentile of a 22-year record. Nearly flat on the week but down 12.6% over 30 days, the hub is draining gradually rather than in a single lurch.
COMEX copper coverage rose to 14.1%, a 6-month high, up 13.9% over 30 days. The stock backing open copper contracts has built up steadily over the past month.
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.