| 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). | ||||||||||||