Commodity Price Outlook
Commodity	2021				2022				2023
	Q1	Q2	Q3	Q4	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Crude Oil (WTI, $US/bbl)	58	66	71	77	95	110	100	90	85	80	76	73
Natural Gas ($US/MMBtu)	3.56	2.94	4.36	4.77	4.50	4.60	4.40	4.20	4.00	3.80	3.60	3.50
Gold ($US/troy oz.)	1796	1815	1790	1796	1862	1900	1850	1800	1809	1818	1827	1836
Silver ($US/troy oz.)	26.25	26.71	24.30	23.35	23.82	25.00	24.00	23.00	23.12	23.23	23.35	23.46
Copper (cents/lb)	385	439	425	440	450	500	450	425	427	429	431	434
Nickel ($US/lb)	7.97	7.86	8.67	8.99	10.89	11.50	11.00	10.50	10.55	10.61	10.66	10.71
Aluminum (cents/lb)	95	109	120	125	146	160	150	120	121	121	122	122
Wheat ($US/bu)	7.41	8.53	10.27	11.44	11.37	13.00	12.00	11.00	11.06	11.11	11.17	11.22
F: Forecast by TD Economics as at March 2022. All forecasts are period averages.
Source: Bloomberg, TD Economics, USDA (Haver).