Jul 11, 2026
SPR crude sits at 319.5 MM bbl, its lowest since April 1983, while COMEX gold coverage keeps draining and Tokyo retail gold holds at the 99th percentile of a 38-year record.
The headline is the strategic reserve: SPR crude at 319.5 MM bbl, the 1st percentile of a 44-year record and the lowest reading since April 1983. The daily move is a modest 1.9% on the week, but the level is the story, a reserve doesn't get to a four-decade low overnight, and a 10.5% drop over 30 days shows the drain is still running.
The gold cover side rhymes with it. COMEX gold coverage fell to 39.9%, down 14.3% over 30 days but only 0.6% on the day, and registered gold hit a 6-mo low at 14.82M oz while sitting flat on the session. Both metrics show the same pattern the Desk keeps flagging: the level is stretched, the daily velocity has gone quiet. That gap between an extreme position and a calm tape is where thin cover tends to matter, since coverage measures how much metal actually stands behind the paper.
The divergence is in the risk chairs. Managed-money net copper sits at the 90th percentile of a 20-year record at 58,784 contracts, yet it's down 22.4% over 30 days, a large position being unwound fast, while COMEX copper coverage pushed to a 6-mo high at 14.3%, up 15.4% on the month. Speculative length pulling back while physical cover builds is the two ends of the barbell pulling apart.
Tokyo retail gold caps the board at the 99th percentile of a 38-year record, ¥23,843/g, up 1.0% on the day but down 1.3% over 30 days. The data shows physical reserves thinning across oil and gold while paper positioning cools; the levels are extreme, the daily moves are not.
The US strategic reserve holds 319.5 MM bbl, the lowest since April 1983 and the 1st percentile of its 44-year record. Down 1.9% on the week and 10.5% over 30 days, the drain is ongoing.
COMEX gold coverage slipped to 39.9%, the 16th percentile of its 6-month record. The daily move is a quiet 0.6%, but coverage is down 14.3% over 30 days, meaning less metal stands behind the paper.
Tokyo retail gold via Tanaka sits at ¥23,843/g, the 99th percentile of a 38-year record. Up 1.0% on the day though down 1.3% over the month.
The deliverable share of COMEX silver reached 28.5%, a 6-month high, up 0.6% on the day and 7.1% over 30 days. A larger slice of registered stock is now available to settle contracts.
Managed-money net copper longs stand at 58,784 contracts, still the 90th percentile of a 20-year record but down 22.4% over 30 days. A crowded position being trimmed steadily.
COMEX registered gold sits at 14.82M oz, a 6-month low and the 4th percentile of that short record. Flat on the day, down 2.2% over the month, this is the metal cleared for delivery.
Cushing crude holds 19.6 MM bbl, the 12th percentile of a 22-year record. Nearly flat on the week but down 12.6% over 30 days at the key US storage hub.
COMEX copper coverage rose to 14.3%, a 6-month high, up 1.6% on the day and 15.4% over 30 days. More metal is backing the paper here even as speculative length falls.
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.