This is Macro Voices, 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 or bearish, no holds barred.

Now here are your hosts, Eric Townsend and Patrick Sarrezna.

Macro Voices Episode 360 was produced on January 26, 2023. 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.

McQuerry Chief Macro Strategist Victor Schfetz returns as this week's feature interview

guest. We'll discuss the geopolitical outlook, inflation, bond yields, recession risk, equity

market outlook, gold, and much more.

And I'm Patrick Sarrezna, listeners, be sure to stay tuned for our post-game segment

after Eric's feature interview with Victor when Eric Nick and I will discuss the charts

on the S&P 500, Nasdaq, VIX, Gold, and the oil markets. Now Eric, before we move on to

the feature interview with Victor, let's talk crude oil, starting with the EIA inventories.

EIA inventory came in with a build of 533,000 barrels, but that's really effectively unchanged

because it was also a drawdown from the Strategic Petroleum Reserve of half a million barrels

about the same amount. Cushing Oklahoma building a desperately needed 4.1 million barrels,

let's hope those big Cushing builds keep coming because we sure do need them. Gasoline

building 1.8 million barrels distilets drawing down 507,000 barrels, US production unchanged

at 12.2 million barrels. Tape action was up then down, then up then down, and up and down,

and mostly unchanged. And even as I'm speaking on Thursday morning before the open, it's

...