Commodity Price Outlook | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
Crude Oil (WTI, $US/bbl) | 46 | 28 | 40 | 41 | 42 | 44 | 48 | 49 | 49 | 49 | 50 | 50 |
Natural Gas ($US/MMBtu) | 1.91 | 1.71 | 2.20 | 2.60 | 2.90 | 2.95 | 2.95 | 3.10 | 3.12 | 3.13 | 3.15 | 3.16 |
Gold ($US/troy oz.) | 1582 | 1714 | 1925 | 1950 | 1925 | 1850 | 1800 | 1775 | 1750 | 1725 | 1700 | 1675 |
Silver ($US/troy oz.) | 16.90 | 16.38 | 25.00 | 26.00 | 23.50 | 23.00 | 22.50 | 22.00 | 21.70 | 21.39 | 21.08 | 20.75 |
Copper (cents/lb) | 255 | 243 | 295 | 290 | 260 | 263 | 275 | 281 | 282 | 282 | 283 | 284 |
Nickel ($US/lb) | 5.76 | 5.56 | 6.50 | 6.40 | 6.00 | 6.05 | 6.25 | 6.30 | 6.32 | 6.33 | 6.35 | 6.36 |
Aluminum (cents/lb) | 77 | 68 | 77 | 75 | 73 | 73 | 73 | 73 | 73 | 74 | 74 | 74 |
Wheat ($US/bu) | 6.60 | 6.46 | 6.30 | 6.40 | 6.46 | 6.60 | 6.63 | 6.66 | 6.70 | 6.73 | 6.76 | 6.80 |
F: Forecast by TD Economics as at
September 2020. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver). |