This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices episode 199 was recorded on Monday, December 23rd, 2019. I'm Eric Townsend,

Happy Holidays. This episode of Macro Voices is brought to you by the generosity of our listeners

whose donations make the show possible each week. It's time for our Christmas crude oil

special starring petroleum geologist Art Berman. We'll discuss the core question I've posed

in previous week's episodes. How could the IEA's forecast of 1 million barrels per day

of US production growth in 2020 possibly be realized in the face of collapsing rick counts?

We'll also get Art's Outlook for 2020 and an update on the comparative inventory yield

curve which says WTI crude oil is already overpriced at current levels. There won't be

any post game segment this holiday week and that will allow us to let Art's interview

run a little bit longer than usual. Macro Voices will again be released early next week

on Tuesday morning, December 31st, to allow our listeners to enjoy the podcast over the

holiday. Next week's feature interview guest will be Dr. Pipa Malfgren and we're going

to cover a number of really fascinating topics including the knowledge doubling curve and

what it means for financial markets. And I'm Patrick Sarasnana, Eric, S&P 500 trading

at its all time highs. Where's it going into the final of the stretch in here at the end

of the year? Well, the Christmas meltup continues. No surprise there. I don't really see any

reason to think it's going to stop or turn around before year end. There's no real

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