Lehman's Energy Group
Anyone heard about this new group and how they are doing vs Goldman J Aron, Morgan, and Merrill?
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Not 100% sure, but I think they are still pretty small, although they are making an effort to enter power and gas in Europe, which suggests they are trying to grow pretty aggresively.
From what I've seen, MS, J. Aron, and Barclays Capital are the top 3 pretty much across the board, then a gap before you hit the next set of shops. In power and gas it's those 3, then probably Merrill, Deutsche, Bear, JPMorgan (heavily involved on the PE side in nat gas and power, but not sure about their actual trading desk). I think Citi's trying to break in as well.
lehman has a small desk and i do not believe they currently have physical capabilities and do not come close to Goldman, Morgan, or Merril.
Goldman, Morgan, and Merril are probably the top three banks I can think of.
I'm making the assumption that you're inquiring about the new gas & power shops vs. traditional financial oil trading desks. (that's where barclay's one of the bigger banks).
As of the rest of the ibanks, they are still newbies compared to many energy/oil/global commodity companies.
Not to get into a pissing contest, but Barcap is far ahead of Merrill in Commodities. Barcap is a close 3rd to GS and MS, then there is a huge gap before Merrill and everyone else come into play.
barcap for global. in terms of nat gas and power, which i am used to, merril is up there (ie. old entergy)
Merrill is doing well in those areas, but still lagging the other three. Even in physical power sales they are behind GS, MS, and Barcap (Platts just ranked them a few weeks back, I think it was in Megawatt Daily). That said, they do have a 24-hour scheduling desk which I believe Barcap does not yet (but I've heard they will rather soon). What really puts Barcap up there with GS and MS is their strength in structuring. I'm pretty sure they even beat out both MS and GS in strutured products. Everything from the commodities-linked notes to CCOs.
how many of your colleagues have traded at an energy company before they joined your bank?
banks and energy are relatively new phenomenon. I'd say prob 80% of our traders came from an energy company, hedge fund, or global commodities firm.
That mix will be very different in about 5 years though.
yeah, i know a few energy traders and a lot are from enron, mirant etc
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