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).