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How Morgan Stanley Outdid Goldman in Old Commodities Rivalry

Morgan Stanley headquarters stands in New York, U.S., on Tuesday, July 12, 2016. Morgan Stanley is scheduled to release earnings figures on July 20.
Photographer: Eric Thayer/
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For nearly three decades, Goldman Sachs Group Inc. outdid Morgan Stanley in commodities, year after year. In 2017, Morgan Stanley is pulling ahead in a reversal of fortunes for the two banks known as the "Wall Street refiners." 

The battle for the crown as the top U.S. commodities bank is being fought far away from the white-shoe world of Manhattan bankers: from obscure markets for gas in Pennsylvania to electricity grids in Texas, and power stations in between.