Daily Vault Briefing ·Sep 7, 2026
The distillate drawdown ran the length of the coasts this week, with East Coast stocks hitting the bottom of a 37-year record while metals warehouses told two opposite stories.
8 signals · 2 series crossed a threshold today
East Coast distillate stocks sit at 19.3 MM bbl, the lowest in the entire 37-year record, down 8.0% on the week and 12.8% over 30 days. This is one of the rare cases where level and velocity agree: the tank is empty and still draining.
The West Coast rhymes with it. PADD 5 distillate at 9.9 MM bbl is the lowest since May 2025, down 6.7% on the week and 12.5% over 30 days. Both coasts pulling in the same direction at roughly the same pace is the reading worth marking.
The metals board splits. COMEX copper stocks sit at a 100th-percentile 8-month high and COMEX gold's deliverable share holds at 55.2%, both flush; against that, COMEX platinum coverage collapsed to 5.6%, an 8-month low, down 18.7% over 30 days while sitting nearly still on the day. A level that extreme with a flat daily print is a position, not a fresh move.
LME lead shows the same level-versus-speed gap: at 391,975 mt it ranks in the 99th percentile of a 19-year record, yet it is down 1.2% on the day and 9.2% over 30 days. The stock is historically high and quietly bleeding off; the data shows a full warehouse in slow retreat.
West Coast distillate stocks fell to 9.9 MM bbl, the lowest since May 2025. Down 6.7% on the week and 12.5% over 30 days.
East Coast distillate stocks hit 19.3 MM bbl, the lowest reading in the 37-year record. Down 8.0% on the week and 12.8% over 30 days.
The share of COMEX gold available to deliver stands at 55.2%, an 8-month high. Flat on the day but up 5.1% over 30 days.
LME lead stocks are 391,975 mt, the 99th percentile of a 19-year record. The level is near its historical top even as it slips 1.2% on the day and 9.2% over 30 days.
COMEX copper stocks reached 766,795 short tons, an 8-month high and the top of the short record. Up 0.1% on the day and 6.5% over 30 days.
COMEX registered platinum sits at 191K oz, an 8-month low. Little changed on the day and down 0.9% over 30 days.
COMEX platinum coverage dropped to 5.6%, an 8-month low. Flat on the day but down 18.7% over 30 days, so the extreme level came from a slower slide rather than today's tape.
COMEX silver coverage is 19.0%, an 8-month high. Off 0.2% on the day but 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.