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April 20, 2017
Energy & Materials

Commodity Forecasts
Crude Oil Nat. Gas Lumber Pulp News-
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(Henry (Alta.
(WTI) Hub) Empress)
US$/bbl US$/mmbtu US$/mbf US$/tonne
2004 41.44 5.90 5.25 386 632 534
2005 56.46 8.81 7.51 347 631 594
2006 66.10 6.74 5.92 290 713 654
2007 72.36 6.98 6.32 245 816 588
2008 99.57 8.86 8.09 215 844 666
2009 61.69 3.95 3.46 177 707 589
2010 79.43 4.39 3.59 255 926 583
2011 95.08 4.00 3.28 255 968 623
2012 94.20 2.75 2.19 299 862 619
2013 97.93 3.73 2.98 356 895 601
2014 93.26 4.39 4.56 349 965 571
2015 48.69 2.63 2.33 277 946 542
2016 43.21 2.52 1.68 305 938 540
y-t-d 2017 51.77 3.03 1.99 349 938 540
Apr '16 40.76 1.92 0.95 296 938 540
May 46.76 1.92 0.95 318 938 540
Jun 48.80 2.59 1.47 320 938 540
Jul 44.69 2.82 1.80 326 938 540
Aug 44.76 2.82 2.09 326 938 540
Sep 45.20 2.99 2.07 314 938 540
Oct 49.81 2.98 2.26 319 938 540
Nov 45.73 2.55 1.94 306 938 540
Dec 52.06 3.59 2.56 320 938 540
Jan '17 52.56 3.30 2.17 310 938 540
Feb 53.46 2.85 1.92 375 938 540
Mar 49.48 2.88 1.90 359 938 540
m-t-d Apr 52.19 3.17 n.a. n.a. n.a. n.a.
Forecast
2017 52.00 3.00 2.20 380 938 535
2018 59.00 3.25 2.55 380 925 520
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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