Wall Street Banks Stage Commodities Comeback
- Goldman ‘helped by lack of headwind in natural gas and power’
- OPEC supply curbs and looming Iran sanctions boost oil prices
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The Wall Street commodities comeback is in full swing.
The downtrend appears to be behind banks and hedge funds after a brutal 2017 in commodities trading. Goldman Sachs Group Inc and Morgan Stanley, the fifth and sixth largest U.S. banks by asset size, reported stronger revenues in the third quarter compared with a year ago from the sector. That’s the third consecutive quarter where revenues from commodities, which are reported as part of the fixed income pool, was higher.