Jul 15, 2026
SPR crude sits at its lowest since April 1983 while COMEX gold coverage bleeds 14.3% over the month, two reserves thinning on opposite ends of the energy-metal ledger.
SPR crude is the standout: 316.5 MM bbl, the 1st percentile of a 44-yr record and the lowest print since April 1983. The daily move is a mild 0.9%, but the 30-day drop of 9.4% is what carries the story. When a strategic reserve sits at a four-decade floor, the level itself is the signal, and the slow daily bleed only compounds it.
The COMEX picture splits by metal. Gold total stocks sit at a 6-mo low at the 2nd percentile and were flat on the day, while gold coverage has fallen 14.3% over 30 days despite a calm 0.3% daily move. Silver runs the other way: deliverable share (29.1%), coverage (18.2%), all pinned at 6-mo highs with coverage up 6.7% in a single session.
That silver-versus-gold divergence is the rhyme worth naming. Silver's coverage and deliverable metrics are climbing fast off short-run records while gold's coverage erodes; the two sides of the same warehouse system are pulling apart. Coverage is simply the cushion of physical against claims, and here one metal is thickening it while the other thins.
Tokyo retail gold rounds it out at ¥23,464/g, the 99th percentile of a 38-yr record even after a 4.3% monthly slide, a reminder that an extreme level and a soft recent move can coexist. On US energy, gasoline stocks at 210.5 MM bbl hold the 36th percentile, ordinary against these outliers. The board shows reserves and coverage ratios stretched to their edges, with the daily tape mostly quiet underneath.
US gasoline stocks fell to 210.5 MM bbl, the lowest since November 2025, down 0.7% on the week and 2.1% over 30 days. At the 36th percentile of a 37-yr record, this is the least extreme reading on the board.
SPR crude sits at 316.5 MM bbl, the lowest since April 1983 and the 1st percentile of a 44-yr record. Down 0.9% on the week and 9.4% over 30 days, the level is the story more than the pace.
Tokyo retail gold hit ¥23,464/g, the 99th percentile of a 38-yr record, up 1.6% on the day but down 4.3% over 30 days. An extreme standing level despite a soft month.
COMEX copper stocks rose to 681,948 short tons, a 6-mo high, up 1.2% on the day and 4.8% over 30 days. A short-run high on a shallow record.
COMEX total gold stocks sit at 27.12M oz, a 6-mo low, flat on the day but down 3.0% over 30 days. The daily tape is quiet while the monthly trend points lower.
COMEX silver deliverable share reached 29.1%, a 6-mo high, up 1.8% on the day and 9.1% over 30 days. A larger slice of registered silver is now delivery-ready.
COMEX silver coverage climbed to 18.2%, a 6-mo high, up 6.7% in a single session and 10.6% over 30 days. Coverage measures the physical cushion against outstanding claims, and here it is thickening fast.
COMEX gold coverage sits at 39.7%, the 16th percentile of its 6-mo record, down 0.3% on the day but 14.3% over 30 days. A calm daily move on top of a sharp monthly erosion.
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.