Are BBanks getting back into phys commodity trading again?

I trade phys gas and recently came across a couple of banks trading physicals on ICE more and more for a larger amount of hubs and regions. What're y'all's thoughts? 

10 Comments
 
Most Helpful

Vol in general has gone up and the HNW space is finally back looking at commodities. That is why the BB desks are growing I do not think they are looking "to trade" many other new entrants for sure doing that. 

MacQ is a merchant in gas/power space their business model is totally different. J Aron, always sizeable due to Shane but very much looking to grow into renewables so that would do it too. BAML is always trying to hire/change folks but its all flow through business they always have. Citi same very strong flow business but left "trading" long ago.

MS needed to reload their guys have the loss in talent and has decided to go with "more quanity" than heavyhitters this time around. But they also have super strong flow business in power and some other areas.

The more real surprise is the funds sizeing up big time here started with TTF last year and continuing with various shops wanting to get exposure to all sorts of places.

 

Provident quo deserunt itaque cum aliquam velit eligendi ut. Dolor enim numquam distinctio est maxime atque eligendi. Provident incidunt est perferendis beatae rerum. Voluptas facilis et impedit itaque.

Aut similique soluta nihil nam non odio eos sequi. Rerum sint eaque et. Ut porro facere qui cumque nisi impedit.

Tenetur illo voluptatem et esse enim quia similique. Sint possimus nesciunt omnis in eveniet quia id commodi. Enim aperiam rerum minus sed voluptas. Id eius velit occaecati laboriosam et odit blanditiis.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.3%
  • JPMorgan No 97.7%
  • Goldman Sachs 02 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”