| Commodity Price Outlook | ||||||||||||
| Commodity | 2021 | 2022 | 2023 | |||||||||
| Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Crude Oil (WTI, $US/bbl) | 58 | 66 | 70 | 67 | 66 | 66 | 65 | 65 | 65 | 65 | 64 | 64 |
| Natural Gas ($US/MMBtu) | 3.56 | 2.94 | 4.00 | 3.75 | 3.50 | 3.20 | 3.00 | 3.25 | 3.35 | 2.90 | 2.95 | 3.00 |
| Gold ($US/troy oz.) | 1795 | 1814 | 1795 | 1750 | 1675 | 1650 | 1625 | 1600 | 1585 | 1570 | 1565 | 1550 |
| Silver ($US/troy oz.) | 26.25 | 26.71 | 24.59 | 24.00 | 23.75 | 23.50 | 23.25 | 23.00 | 22.90 | 22.70 | 22.65 | 22.50 |
| Copper (cents/lb) | 386 | 439 | 425 | 398 | 382 | 374 | 357 | 356 | 356 | 356 | 356 | 356 |
| Nickel ($US/lb) | 7.97 | 7.86 | 8.75 | 7.36 | 7.26 | 7.37 | 7.14 | 7.03 | 7.03 | 7.03 | 7.03 | 7.03 |
| Aluminum (cents/lb) | 95 | 109 | 120 | 103 | 90 | 81 | 82 | 84 | 84 | 85 | 85 | 86 |
| Wheat ($US/bu) | 7.41 | 8.53 | 10.20 | 9.25 | 9.00 | 8.75 | 8.50 | 8.25 | 8.20 | 8.15 | 8.00 | 7.90 |
| F: Forecast by TD Economics as at September 2021. All forecasts are period averages. | ||||||||||||
| Source: Bloomberg, TD Economics, USDA (Haver). | ||||||||||||