Daily Vault Briefing ·Aug 23, 2026
Two crude series are pulling in opposite directions while gold sits pinned near record highs from Tokyo to COMEX, and the base metals split down the middle.
8 signals · 1 series crossed a threshold today
The crude board is the day's cleanest divergence: the SPR sits at 293.4 MM bbl, the lowest since Dec 1982 and dead last in a 44-year record, down 7.3% over 30 days, while commercial crude climbed to 428.8 MM bbl at the 82nd percentile, up 4.7% over the same window. One reserve draining to a 44-year floor, the other building toward its own ceiling.
Gold reads extreme in price but calm in warehouse. Tokyo retail gold sits at the 99th percentile of a 38-year record and Tanaka is up 7.4% over 30 days, yet COMEX total stocks drifted just +0.1% on the day to a 7-mo low. Price is running hot; the physical inventory is barely moving.
The LME base metals tell two stories at once. Lead sits at the 100th percentile of a 19-year record, aluminum at the 0th percentile of the same record, and both fell hard over 30 days (lead -7.2%, aluminum -10.8%) while barely twitching on the day. The levels are at opposite extremes; the 30-day drawdown is the shared thread.
COMEX copper runs the opposite way, up 5.7% over 30 days to a 7-mo high, while registered platinum sits at a 7-mo low, down 2.7%. The data shows metal flowing in on one contract and thinning on another, with the daily moves quiet across the board.
The Strategic Petroleum Reserve holds 293.4 MM bbl, the lowest level since Dec 1982 and the bottom 1st percentile of a 44-year record. Down 1.8% on the week and 7.3% over 30 days.
COMEX total gold stocks stand at 26.70M oz, a 7-month low, essentially flat on the day at +0.1% but down 1.4% over 30 days. The inventory is drifting lower while gold prices run hot.
LME lead stocks sit at 416,850 mt, the 100th percentile of a 19-year record. Nearly flat on the day but down 7.2% over the past 30 days.
COMEX copper stocks reached 742,778 short tons, a 7-month high, up 0.1% on the day and 5.7% over 30 days. Metal has been flowing into the contract.
Tokyo retail gold at Tanaka hit ¥25,571/g, the 99th percentile of a 38-year record. Up 0.6% on the day and 7.4% over 30 days.
COMEX registered platinum sits at 193K oz, a 7-month low and the 9th percentile of its short run. Unchanged on the day but down 2.7% over 30 days.
US commercial crude stands at 428.8 MM bbl, the 82nd percentile of a 44-year record, up 1.0% on the week and 4.7% over 30 days. This build runs directly opposite the draining SPR.
LME aluminum stocks are 246,925 mt, the 0th percentile of a 19-year record. Flat on the day but down 10.8% over 30 days, the sharpest monthly drawdown on the board.
Sources and method
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.