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). |