This is Macro Voices, the free weekly financial podcast targeting professional finance,

high net worth individuals, family offices, and other sophisticated investors.

Macrovoices 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 Suresna. Macrovoices Episode 529 was produced on April 23, 2026.

I'm Eric Townsend.

Saxo Bank's chief commodity strategist, Ola Hanson, returns as this week's feature interview guest.

We'll discuss what comes next in the Iran conflict, what the longer-term implications are for energy markets,

what's coming in food inflation and how to trade it,

and a longer-term outlook for secular inflation.

Then be sure to stay tuned for our postgame segment when Patrick's Trade of the Week

will explore how to position in crude oil using options on longer-dated crude oil futures

in order to reap the benefits of backwardation

by capturing an entry price well below the current front month price, something Ola Hansen will

explain during the feature interview. And then we'll have our usual coverage of all the markets

with Patrick's post-game chart deck. And I'm Patrick Serresno with the macro scoreboard week over week as of the close of Wednesday, April 23rd, 2006.

S&P 500 up 164 basis points trading at 7138, continuing to press 52-week highs.

We'll take a closer look at that chart and the key technical levels to watch in the

postgame segment. U.S. dollar index up 56 basis points trading at 9860. The June WTI crude oil

contract up 591 basis points trading at 9296 back into the 90s after last week's dip.

The June Arbob gasoline up 797 basis points to 3 and a quarter, pressing back to 52-week highs.

The June gold contract down 147 basis points, trading at 4753.

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