UPDATE 1-M.Stanley Q4 commodity results 'declined meaningfully'

NEW YORK, Jan 18 (Reuters) - Morgan Stanley said its commodity results fell in the fourth quarter from a year earlier, and trading risks for the sector were also lower. "Commodities results declined meaningfully in a challenging market," the Wall Street bank said. Morgan Stanley's Value-at-Risk (VaR) in commodities stood at $22 million in the fourth quarter, unchanged from the previous three months and down from $26 million in the 2011 fourth quarter. Goldman Sachs Group Inc also reported weak commodity results and lower trading risks in the sector in for the final quarter of last year. Goldman, the leading Wall Street investment bank, said its commodities VaR fell to $20 million in the fourth quarter, from $22 million in the third quarter and from $26 million a year ago. It said it experienced "significantly lower net revenues in commodities". JPMorgan Chase & Co said its commodities VaR stood at $14 million in the fourth quarter compared with $13 million in the third quarter and $20 million in the fourth quarter of 2011. Average commodities VaR by quarter:

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4'10 2012 2011 * Goldman Sachs 20 22 20 26 26 25 39 37 23 * JPMorgan 14 13 13 21 20 15 16 13 14* Morgan Stanley 22 22 34 31 26 32 29 33 26

* Bank of America n/a 12.5 11.9 13.1 12.1 15.7 23.7 23.9 17.7

** Citigroup n/a 15 18 14 18 21 25 23 27

* Value-at-Risk based on a 95 percent confidence level

** Value-at-Risk based on a 99 percent confidence level Note: Bank of America and Citigroup have reported fourth-quarter results. Their VaR numbers are typically issued in separate filings known as 10Q.