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 Sarresna.

Macro Voices episode 347 was produced on October 27th, 2022. I'm Eric Townsend. This episode

of Macro Voices was made possible by respect energy, a leading European trader of renewable

energy and a one-stop shop for all green energy investors.

Saxo bank commodities guru Ola Hansen is back as this week's feature interview guest. Ola

says that with structural inflation commodity prices really can rise even in recession. We'll

also talk about the energy crisis, base metals, precious metals, and much more. Nick Galernick

is off this week so it'll be just Patrick and myself in the post game segment.

And I'm Patrick Sarresna, listeners, be sure to stay tuned to our post game segment after

Eric's feature interview with Ola Hansen when Eric and I will discuss the S&P 500, the

US dollar, and the first reactions to the euro from the ECB hikes will also touch on crude

oil, energy stocks, gold copper, and the 10 year bond yield. Now Eric, before we move

on to the feature interview with Ola Hansen, let's cover crude oil, starting with that

EIA inventory data. EIA inventory reported a build of 2.6 million

barrels, but what really happened was a drawdown of 0.8 million barrels plus a SPR draw of

3.4 million barrels. You add those together, it looks on paper like a 2.6 million barrel

draw, but in reality during restocking season when we shouldn't be having drawdowns we actually

saw a 0.8 million barrel draw before that SBR provided the help. What happens when the

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