Daily Vault Briefing ·Sep 8, 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 fell to 19.3 MM bbl, the lowest in the entire 37-year record, and the drain isn't slowing: down 8.0% on the week and 12.8% over 30 days. The level is at the floor and the rate-of-change is still accelerating, which is the combination the Desk flags.
The West Coast rhymes with it. PADD 5 distillate sits at 9.9 MM bbl, its lowest since May 2025 and the 3rd percentile of record, down 6.7% on the week. Both coasts pulling down in the same window is a physical read the paper barrel curve tends to gloss over.
The metals board splits. COMEX copper stocks hit an 8-month high at 766,795 short tons (100th percentile of the thin window) and COMEX gold's deliverable share sits at an 8-month high of 55.2%, while COMEX registered platinum drained to an 8-month low of 191K oz and platinum coverage collapsed to 5.6%, down 18.7% over 30 days. Metal is piling up in copper and gold and thinning out in platinum.
Watch the velocity gap: platinum coverage is down 18.7% over 30 days but dead flat on the day, and silver coverage sits at an 8-month high of 19.0% while barely moving daily. Extreme levels with calm daily prints; the position is stretched even where today's tape is quiet.
West Coast diesel and heating-oil inventory dropped to 9.9 MM bbl, the lowest since May 2025 and the 3rd percentile of a 37-year record. Down 6.7% on the week, down 12.5% over 30 days.
East Coast distillate stocks fell 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, a drain that is still picking up speed.
The share of COMEX gold that is actually deliverable rose to 55.2%, an 8-month high, up 5.1% over 30 days. Flat on the day, so the move is in the trend, not today's print.
COMEX copper stocks reached 766,795 short tons, an 8-month high and the top of that window. Up 6.5% over 30 days but essentially flat on the day; metal is stacking up.
LME lead inventory sits at 388,450 mt, the 99th percentile of a 19-year record, still an elevated level. Down 0.9% on the day and 8.5% over 30 days, so the stock is high but drawing down.
COMEX registered platinum, the metal pledged for delivery, fell to 191K oz, an 8-month low. Flat on the day, down 0.9% over 30 days.
COMEX platinum coverage, the cushion of metal behind open contracts, slid to 5.6%, an 8-month low. Down 18.7% over 30 days, though flat on the day; a thin standing cushion is the point here.
COMEX silver coverage rose to 19.0%, an 8-month high and near the top of that window. Up 6.9% over 30 days but essentially flat on the day.
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.