Wall Street Commodity Traders Head for Best Year in a Decade
- Negative oil and record gold prices drive banks’ profit surge
- First-half revenues were almost double 2019 levels: Coalition
Oil prices in April plunged below zero for the first time in history.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Big banks are on track for their highest commodity-trading earnings in a decade as they benefit from wild swings in oil and gold prices.
Combined net revenues in commodities from the 12 largest global banks jumped to $3.8 billion in the first half of 2020, and are on track to surpass $7 billion for the year as a whole, according to Coalition Development Ltd. That would make it Wall Street’s best year in resources since 2011.