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January 31, 2019
Energy & Materials

Commodity Forecasts
Crude Oil Nat. Gas Lumber
(Henry
(WTI) Hub) (AECO)
US$/bbl US$/mmbtu US$/mbf
2006 66.10 6.74 5.76 290
2007 72.36 6.98 6.02 245
2008 99.57 8.86 7.79 215
2009 61.69 3.95 3.48 177
2010 79.43 4.39 3.89 255
2011 95.08 4.00 3.67 255
2012 94.20 2.75 2.39 299
2013 97.93 3.73 3.09 356
2014 93.26 4.39 4.08 349
2015 48.69 2.63 2.12 277
2016 43.21 2.52 1.63 305
2017 50.91 2.99 1.67 401
2018 64.84 3.17 1.19 480
y-t-d 2019 51.14 3.16 1.41 335
Jan '18 63.66 3.88 1.64 493
Feb 62.21 2.67 1.69 523
Mar 62.76 2.69 1.57 524
Apr 66.26 2.80 1.10 552
May 69.99 2.80 0.86 634
Jun 67.33 2.97 0.91 609
Jul 70.97 2.83 1.04 564
Aug 67.99 2.96 0.82 468
Sep 70.20 3.00 1.04 414
Oct 70.76 3.28 1.10 323
Nov 57.00 4.09 1.29 337
Dec 48.95 4.04 1.25 320
m-t-d Jan '19 51.14 3.16 1.41 335
Forecast
2019 59.00 3.00 1.35 345
2020 61.00 3.10 1.70 330
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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