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July 21, 2016
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
2003 31.14 5.49 4.82 268 534 487
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
y-t-d 2016 40.19 2.13 1.25 292 938 540
Jul '15 50.91 2.84 2.27 295 943 535
Aug 42.87 2.77 2.38 268 943 535
Sep 45.48 2.66 2.23 245 958 535
Oct 46.22 2.34 2.03 259 958 535
Nov 42.44 2.09 1.83 260 938 525
Dec 37.19 1.93 1.68 269 938 530
Jan '16 31.67 2.28 1.71 259 938 540
Feb 30.50 1.99 1.37 263 938 540
Mar 37.80 1.73 0.98 295 938 540
Apr 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
m-t-d Jul 45.96 2.82 1.93 315 n.a. n.a.
Forecast
2016 43.00 2.30 1.50 300 940 535
2017 53.00 3.20 2.60 335 965 530
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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