The BBC now has Labour at -1446 and Tories at -563.
On the end of this link is a piece by Rollings and Thrasher about the locals:
https://ukandeu.ac.uk/a-preview-of-english-council-elections/
It includes a table with broad evaluations of levels of win and loss (I know a pp posted a nicer colour chart about this but I can’t find a link online, so you’ll have to excuse this black-and-white version).
The Tories have “Good” at -400, “OK” at -600 and “Bad” at -850. Labour’s equivalents are at -800, -1000 and -1500.
I think these favour Labour, but anyway…the Tories will finish at the high (bad) end of “Good” and Labour is essentially at the threshold for “Bad”.
Even on this - IMO unfair - banding the Tories have performed a great deal better than Labour. I don’t pretend the Tories did well, they obviously racked up losses, but there’s only one outstanding loser, and that’s Labour.