Commodity Price Outlook
	2018				2019				2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Crude Oil (WTI, $US/bbl)	63	68	70	59	55	60	58	59	60	61	62	62
Natural Gas ($US/MMBtu)	3.08	2.86	2.93	3.80	2.92	2.60	2.60	2.55	2.50	2.51	2.53	2.54
Gold ($US/troy oz.)	1329	1306	1213	1229	1303	1290	1300	1325	1350	1375	1400	1425
Silver (US$/troy oz.)	16.74	16.56	15.02	14.58	15.58	14.65	15.25	16.00	16.75	17.25	18.00	18.25
Copper (cents/lb)	316	312	277	280	282	284	279	279	297	297	311	311
Nickel (US$/lb)	6.01	6.56	6.02	5.21	5.60	5.67	5.47	5.65	5.90	6.12	6.35	6.35
Aluminum (cents/lb)	98	102	93	89	84	83	84	86	90	93	98	98
Wheat ($US/bu)	7.42	7.46	6.70	6.85	6.80	6.85	6.85	6.90	6.93	6.95	6.98	7.00
F: Forecast by TD Bank Group as at June 2019. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver).