Daily Vault Briefing ·Sep 5, 2026
Distillate stocks on both US coasts are draining hard while COMEX metal cover sits at multi-month extremes, a split board where energy inventories collapse and the metals complex builds.
8 signals · 2 series crossed a threshold today
East Coast distillate stocks hit the lowest in the 37-yr record at 19.3 MM bbl, down 8.0% on the week and 12.8% over 30 days. This is not a slow bleed; the level is at the 0th percentile and the weekly rate is still accelerating into it.
The West Coast tells the same story: PADD 5 distillate down 6.7% on the week, down 12.5% over 30 days, at the 3rd percentile and its lowest since May 2025. Two separate coasts draining in lockstep is the read here, not one loose barrel count.
On the metals side, the board diverges. COMEX gold deliverable share sits at 55.2% (98th percentile) and copper stocks at 766,795 short tons (100th percentile), both 8-mo highs, yet both are flat on the day; the levels are pinned to the ceiling while the daily velocity has gone quiet. Platinum runs the opposite way, with registered stock at an 8-mo low and coverage down 18.7% over 30 days to 5.6%.
LME lead holds the 99th percentile of its 19-yr record at 396,825 mt but is bleeding 8.7% over 30 days, a high level draining faster than its daily print of -0.7% suggests. The data adds up to thick metal inventories cooling off while distillate reserves sit at or near record lows.
West Coast diesel and heating-oil stocks fell to 9.9 MM bbl, the lowest since May 2025 and the 3rd percentile of a 37-yr record. Down 6.7% on the week and 12.5% over 30 days.
East Coast distillate stocks dropped to 19.3 MM bbl, the lowest in the entire 37-yr record. The 8.0% weekly drawdown is steeper than the recent trend.
The share of COMEX gold registered for delivery reached 55.2%, an 8-mo high in the 98th percentile of its short run. Flat on the day but up 5.1% over 30 days.
COMEX copper stocks stand at 766,795 short tons, an 8-mo high at the top of the recent range. Barely moved on the day, up 6.5% over 30 days.
LME lead stocks sit at 396,825 mt, still in the 99th percentile of a 19-yr record. The level is elevated but has drained 8.7% over 30 days.
COMEX registered platinum is at 191K oz, an 8-mo low in the 5th percentile of its short run. Flat on the day, down 0.9% over 30 days.
COMEX platinum coverage fell to 5.6%, an 8-mo low near the bottom of its range. Down 18.7% over 30 days, one of the sharpest 30-day moves on the board.
COMEX silver coverage sits at 19.0%, an 8-mo high in the 99th percentile of its short run. Nearly flat on the day, up 6.9% over 30 days.
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.