Commodity Price Outlook
	2019				2020				2021
	Q1	Q2	Q3	Q4F	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Crude Oil (WTI, $US/bbl)	55	60	57	57	57	58	58	59	59	60	60	60
Natural Gas ($US/MMBtu)	2.92	2.51	2.35	2.35	2.35	2.40	2.45	2.50	2.51	2.53	2.54	2.55
Gold ($US/troy oz.)	1303	1307	1475	1500	1525	1550	1550	1550	1550	1550	1550	1550
Silver ($US/troy oz.)	15.58	14.91	17.00	18.00	18.25	18.50	18.50	18.50	18.50	18.50	18.50	18.50
Copper (cents/lb)	282	278	265	259	263	270	276	281	283	284	285	287
Nickel ($US/lb)	5.60	5.56	7.03	7.94	8.16	8.16	8.39	8.39	8.43	8.47	8.52	8.56
Aluminum (cents/lb)	84	81	80	79	81	84	88	93	93	94	94	95
Wheat ($US/bu)	7.08	6.36	6.00	6.00	6.12	6.18	6.32	6.48	6.51	6.54	6.57	6.61
F: Forecast by TD Bank Group as at September 2019. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver).