| Commodity Price Outlook | ||||||||||||
| 2018 | 2019 | 2020 | ||||||||||
| Q1 | Q2 | Q3 | Q4F | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Crude Oil (WTI, $US/bbl) | 63 | 68 | 70 | 60 | 58 | 61 | 64 | 65 | 65 | 66 | 66 | 66 |
| Natural Gas ($US/MMBtu) | 3.10 | 2.82 | 2.90 | 3.85 | 3.70 | 3.60 | 3.50 | 3.40 | 3.30 | 3.32 | 3.33 | 3.35 |
| Gold ($US/troy oz.) | 1329 | 1306 | 1213 | 1225 | 1240 | 1275 | 1300 | 1325 | 1350 | 1355 | 1362 | 1367 |
| Silver (US$/troy oz.) | 16.74 | 16.56 | 15.02 | 14.60 | 15.25 | 16.00 | 16.50 | 17.00 | 17.50 | 17.75 | 17.70 | 17.70 |
| Copper (cents/lb) | 316 | 312 | 277 | 280 | 284 | 294 | 302 | 306 | 308 | 310 | 311 | 314 |
| Nickel (US$/lb) | 6.01 | 6.56 | 6.02 | 5.58 | 5.60 | 6.12 | 6.35 | 6.49 | 6.46 | 6.49 | 6.52 | 6.65 |
| Aluminum (cents/lb) | 98 | 102 | 93 | 91 | 97 | 98 | 99 | 101 | 101 | 102 | 102 | 103 |
| Wheat ($US/bu) | 7.42 | 7.46 | 6.70 | 6.92 | 6.94 | 6.94 | 7.02 | 7.05 | 7.00 | 6.95 | 6.95 | 6.90 |
| F: Forecast by TD Bank Group as
at December 2018. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver). |
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