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January 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 2.33 277 949 543
y-t-d 2016 31.76 2.39 1.86 274 n.a. n.a.
Jan '15 47.22 2.99 3.07 326 953 555
Feb 50.58 2.87 2.84 314 943 555
Mar 47.82 2.83 2.60 284 943 555
Apr 54.45 2.61 2.34 260 943 555
May 59.27 2.85 2.44 258 943 545
Jun 59.82 2.78 2.22 292 943 545
Jul 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 1.83 260 958 535
Dec 37.19 1.93 1.68 269 958 535
m-t-d Jan '16 31.76 2.39 1.86 274 n.a. n.a.
Forecast
2016 40.00 2.60 2.30 335 960 530
2017 50.00 3.20 2.80 375 965 530
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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