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May 22, 2013
Energy & Materials

Commodity Forecasts
Crude Oil Nat. Gas Lumber Pulp News-
print
(Henry (Alta.
(WTI) Hub) Empress)
US$/bbl US$/mmbtu US$/mbf US$/tonne
2000 30.30 4.31 3.81 282 685 564
2001 25.92 3.96 3.48 275 558 585
2002 26.10 3.36 2.63 262 490 465
2003 31.14 5.50 4.82 268 553 503
2004 41.44 5.91 5.25 386 640 550
2005 56.46 8.81 7.51 347 647 610
2006 66.10 6.74 5.92 290 722 667
2007 72.36 6.98 6.32 245 824 593
2008 99.57 8.86 8.09 215 858 701
2009 61.69 3.95 3.46 177 718 564
2010 79.43 4.39 3.59 255 960 606
2011 95.08 4.00 3.28 255 977 640
2012 94.20 2.75 2.19 299 872 640
y-t-d 2013 94.00 3.73 3.09 383 906 614
May '12 94.70 2.43 1.93 306 900 640
Jun 82.41 2.46 2.01 298 900 640
Jul 87.93 2.96 2.24 294 880 640
Aug 94.16 2.83 2.21 310 850 640
Sep 94.72 2.84 2.36 296 830 640
Oct 89.57 3.31 2.80 298 850 640
Nov 86.66 3.54 3.04 338 870 640
Dec 88.25 3.34 2.91 370 870 640
Jan '13 94.69 3.33 2.91 378 895 625
Feb 95.32 3.34 2.91 388 900 610
Mar 93.05 3.82 3.22 406 900 610
Apr 92.07 4.17 3.39 381 930 610
m-t-d May 95.21 3.99 n.a. 342 n.a. n.a.
Forecast
2013 95.00 3.90 3.30 374 902 616
2014 99.00 4.25 3.65 390 903 646
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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