Commodity Price Outlook
Commodity 2020 2021 2022
Q1 Q2 Q3 Q4 Q1 Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Crude Oil (WTI, $US/bbl) 46 28 41 42 58 66 72 65 64 64 63 63
Natural Gas ($US/MMBtu) 1.91 1.71 1.99 2.53 3.56 2.90 2.80 3.00 3.10 2.90 2.80 3.15
Gold ($US/troy oz.) 1582 1708 1909 1874 1795 1830 1750 1700 1675 1650 1625 1600
Silver ($US/troy oz.) 16.90 16.38 24.34 24.45 26.25 27.00 26.25 26.00 25.50 25.00 24.50 24.00
Copper (cents/lb) 255 243 296 326 386 444 408 388 373 352 356 356
Nickel ($US/lb) 5.76 5.53 6.45 7.24 7.97 7.86 7.60 7.37 7.26 7.37 7.14 7.03
Aluminum (cents/lb) 77 68 77 87 95 109 98 90 85 81 82 84
Wheat ($US/bu) 6.60 6.46 6.36 6.84 7.41 8.50 8.30 8.00 7.75 7.75 7.68 7.60
F: Forecast by TD Economics as at June 2021. All forecasts are period averages.
Source: Bloomberg, TD Economics, USDA (Haver).