Commodity Price Outlook
  2019 2020 2021
  Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Crude Oil (WTI, $US/bbl) 55 60 56 56 55 56 58 59 59 60 60 60
Natural Gas ($US/MMBtu) 2.92 2.56 2.38 2.40 2.45 2.45 2.45 2.50 2.51 2.53 2.54 2.55
Gold ($US/troy oz.) 1303 1307 1474 1480 1500 1500 1500 1450 1450 1450 1450 1450
Silver ($US/troy oz.) 15.58 14.91 17.02 17.22 17.60 17.60 17.60 17.00 17.00 17.00 17.00 17.00
Copper (cents/lb) 282 278 263 263 265 280 285 289 277 274 276 281
Nickel ($US/lb) 5.60 5.56 7.05 6.85 7.60 7.48 7.48 7.48 8.05 8.62 8.85 8.85
Aluminum (cents/lb) 84 81 80 79 81 79 78 78 78 78 76 77
Wheat ($US/bu) 7.08 6.36 6.14 6.75 6.80 6.85 6.90 6.95 6.99 7.02 7.06 7.09
F: Forecast by TD Economics as at December 2019. All forecasts are period averages.
Source: Bloomberg, TD Economics, USDA (Haver).