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). |