Daily Vault Briefing ·Sep 11, 2026
Distillate inventories on both coasts are draining at the same time three separate metals sit pinned at multi-year record lows, while paper platinum coverage thins out underneath it all.
8 signals · 3 series crossed a threshold today
East Coast distillate stocks printed the lowest reading in the entire 37-year record, 19.3 MM bbl, down 8.0% on the week and 12.8% over 30 days. The West Coast is the same story one notch up, 9.9 MM bbl and the lowest since May 2025, off 6.7% on the week. Both coasts pulling in the same direction is the day's headline.
The metal warehouses rhyme with the barrels. LME aluminum sits at 244,350 mt, the lowest in its 19-year record, and COMEX registered platinum is at an 8-month low of 186K oz. Both are draining slowly, aluminum down just 0.1% on the day, yet both sit at or near the bottom of their history, a case where the level is extreme and the daily speed is calm.
LME lead is the divergence worth naming: it sits at the 99th percentile of its 19-year record, near the top, yet it dropped 0.5% on the day and 9.0% over 30 days. A near-record-high level bleeding off at that clip is position and velocity disagreeing in plain view.
Underneath platinum's tightening physical stock, COMEX platinum coverage fell to 5.5%, an 8-month low, down 20.7% over 30 days against a barely-moving 0.9% on the day. The data shows drains stacking across barrels and metal at once, with platinum's paper cushion thinning fastest of the set.
West Coast distillate stocks fell 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 and 12.5% over 30 days.
East Coast distillate stocks hit 19.3 MM bbl, the lowest in the full 37-year record. Down 8.0% on the week and 12.8% over the month.
LME aluminum warehouse stocks sit at 244,350 mt, the lowest in the 19-year record. The daily move is a flat 0.1%, but the 30-day drain is 3.6%.
LME lead stocks are at 382,375 mt, still the 99th percentile of the 19-year record. Yet they're down 0.5% on the day and 9.0% over 30 days, a high level bleeding off fast.
Tokyo retail gold at Tanaka sits at ¥23,769/g, the 98th percentile of a 38-year record. Down 1.2% on the day and 4.2% over the month.
COMEX registered platinum, the metal actually pledged against contracts, fell to 186K oz, an 8-month low. Down 0.9% on the day and 3.4% over 30 days.
Midwest jet fuel stocks are the odd one out, building to 8.2 MM bbl, the highest since Jan 2026. Up 1.8% on the week and 12.3% over 30 days.
COMEX platinum coverage dropped to 5.5%, an 8-month low. The daily change is a mild 0.9%, but coverage has thinned 20.7% 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.