The HC Commodities Podcast The Rise of Rich & The Founding of the Modern Trading House: Mark Crandall Part 1
Oct 29, 2025
In this engaging discussion, veteran commodities trader Mark Crandall shares insights from his illustrious career which began at Morgan Stanley, where he helped launch its commodities desk. He delves into the evolution of oil trading and the unique challenges following market shocks. Crandall recounts his experiences at Marc Rich & Co., highlighting Marc Rich's visionary approach and his leadership style that fostered loyalty. The conversation explores the dynamics of physical trading houses and the complex relationships that cultivate competitive advantages.
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Wall Street Sees Commodities Opportunity
- Morgan Stanley launched a commodities desk in the early 1980s to arbitrage between physical bullion markets and emerging futures markets.
- Mark Crandall moved from that desk to join Mark Rich to bring financial-market techniques into physical trading.
Futures And Physical Markets Were Disconnected
- Oil futures were nascent and disconnected from physical traders, creating arbitrage opportunities between WTI and physical markets.
- Early desks aimed to integrate newly created NYMEX WTI with established forward markets like 15-day Brent.
Mentor And Industry Hires Sparked The Desk
- Robert Feduniac mentored Crandall and hired experienced oil traders John Shapiro and a Sun Trading alumna.
- Those hires brought industry knowledge that revealed the real scale and potential of oil trading.