Commodity Price Outlook
Commodity 2020 2021 2022
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Crude Oil (WTI, $US/bbl) 46 28 41 42 58 63 65 60 59 58 57 56
Natural Gas ($US/MMBtu) 1.91 1.71 1.99 2.53 3.55 2.70 2.60 3.00 3.10 2.90 2.80 3.15
Gold ($US/troy oz.) 1582 1708 1909 1874 1800 1725 1700 1675 1650 1625 1600 1575
Silver ($US/troy oz.) 16.90 16.38 24.34 24.45 26.50 26.25 26.00 25.75 25.00 24.50 24.00 23.50
Copper (cents/lb) 255 243 296 326 390 395 384 370 355 347 363 399
Nickel ($US/lb) 5.76 5.53 6.45 7.24 8.00 7.60 7.40 7.37 7.35 7.37 7.60 8.05
Aluminum (cents/lb) 77 68 77 87 95 94 87 85 83 81 82 84
Wheat ($US/bu) 6.60 6.46 6.36 6.84 7.45 7.35 7.25 7.15 7.10 7.05 6.95 6.90
F: Forecast by TD Economics as at March 2021. All forecasts are period averages.
Source: Bloomberg, TD Economics, USDA (Haver).