Daily Vault Briefing ·Sep 6, 2026
Record watch: West Coast distillate stocks (PADD 5) is the lowest since May 2025.
8 signals · 2 series crossed a threshold today
East Coast distillate stocks (PADD 1) hit 19.3 MM bbl, the lowest in the entire 37-year record, down 8.0% on the week and 12.8% over 30 days. The West Coast (PADD 5) rhymes hard, 9.9 MM bbl at the 3rd percentile, down 6.7% on the week and 12.5% over 30 days. Two independent coasts draining at the same double-digit clip is the day's headline.
On the metals side, the story splits. COMEX copper sits at an 8-month high at 766,795 short tons, up 6.5% over 30 days, while LME lead sits at the 99th percentile of a 19-year record yet is bleeding, down 8.7% over 30 days. One inventory building, one at the top of its range and draining, the classic level-versus-velocity gap.
Platinum is the standout tension: registered stock at an 8-month low of 191K oz, and coverage at 5.6%, a 2nd-percentile low, down 18.7% in 30 days. Contrast that with silver coverage at 19.0%, an 8-month high in the 99th percentile, up 6.9%. Same COMEX, opposite ends of the deliverable-cushion spectrum.
COMEX gold's deliverable share sits at 55.2%, an 8-month high in the 98th percentile, flat on the day but up 5.1% over 30 days. The pattern across the board: the fuel side draining fast, the deliverable metal cushions pulling apart, and the daily moves calm while the 30-day trends do the talking.
West Coast distillate stocks fell to 9.9 MM bbl, the lowest since May 2025 and in the 3rd percentile of a 37-year 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 full 37-year record. Down 8.0% on the week and 12.8% over 30 days.
The share of COMEX gold available for delivery rose to 55.2%, an 8-month high. Flat on the day but up 5.1% over 30 days, so the cushion is building slowly rather than in a jump.
COMEX copper stocks reached 766,795 short tons, an 8-month high and the top of the 8-month record. Essentially flat 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-year record. But they are draining, down 0.7% on the day and 8.7% over 30 days, a high level with a downward pull.
COMEX registered platinum sits at 191K oz, an 8-month low in the 5th percentile. Flat on the day, down 0.9% over 30 days.
COMEX platinum coverage fell to 5.6%, an 8-month low near the bottom of its range. Flat on the day but down 18.7% over 30 days, a thin deliverable cushion getting thinner.
COMEX silver coverage stands at 19.0%, an 8-month high in the 99th percentile. Down a hair 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.