Jul 16, 2026
The physical board splits clean today: SPR crude and COMEX gold registered stocks sit at multi-decade and short-run lows while copper piles up and gold's warehouse coverage keeps thinning.
SPR crude sits at 316.5 MM bbl, the lowest since Apr 1983 and dead-bottom of a 44-year record, down 9.4% over 30 days. The level is the story, but the 0.9% weekly draw shows the drain is still running, not settled.
Gold's warehouse picture rhymes across three cards. Total COMEX gold at 27.12M oz sits at a 6-month low, registered gold at 14.78M oz at a 6-month low, and coverage at 39.8% sits in the 17th percentile of its short record, down 14.2% over 30 days. Here the level and the velocity disagree: all three barely moved on the day, so the extreme is a position that's been reached and is now holding, not one being cut into fast.
Copper diverges hard from the gold complex. COMEX copper stocks hit a 6-month high at 690,858 short tons, up 1.3% on the day and 6.2% over 30 days, metal building while gold's deliverable base thins. Silver's deliverable share also sits at a 6-month high of 29.1%, moving the same direction as copper, opposite to gold.
What the data shows: two energy series draining toward historic floors, one metal complex accumulating, and gold's registered supply parked at short-run lows with calm daily moves. The tension worth watching is that low-and-still-draining reserve, where a thin base matters most precisely because there is less cushion behind each move.
US gasoline stocks at 210.5 MM bbl, the lowest since Nov 2025 and the 36th percentile of a 37-year record. Down 0.7% on the week and 2.1% over 30 days.
SPR crude at 316.5 MM bbl, the lowest since Apr 1983 and the 1st percentile of a 44-year record. Down 0.9% on the week and 9.4% over 30 days; a thin strategic reserve leaves less cushion behind every draw.
COMEX copper stocks at 690,858 short tons, a 6-month high, up 1.3% on the day and 6.2% over 30 days. Metal is accumulating in the warehouses.
COMEX total gold stocks at 27.12M oz, a 6-month low sitting in the 3rd percentile of its short record. Flat on the day but down 2.9% over 30 days.
COMEX gold coverage at 39.8%, the 17th percentile of its 6-month record, down 14.2% over 30 days. Coverage measures how much deliverable metal stands behind open positioning; lower means a thinner cushion.
COMEX silver deliverable share at 29.1%, a 6-month high, up 0.3% on the day and 9.4% over 30 days. A larger slice of silver stocks is registered for delivery.
Tokyo retail gold (Tanaka) at ¥23,450/g, the 99th percentile of a 38-year record. Down 0.1% on the day and 4.6% over 30 days; the level stays historically high while the recent move cools.
COMEX registered gold at 14.78M oz, a 6-month low in the 2nd percentile of its short record. Flat on the day but down 4.2% over 30 days, leaving less metal earmarked for delivery.
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.