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August 22, 2014
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
2001 25.92 3.96 3.48 275 558 585
2002 26.10 3.37 2.63 262 490 465
2003 31.14 5.49 4.82 268 553 503
2004 41.44 5.90 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
2013 97.94 3.73 2.98 356 941 608
y-t-d 2014 101.07 4.72 5.12 351 1024 605
Aug '13 106.54 3.43 2.17 323 945 605
Sep 106.24 3.62 1.98 347 945 605
Oct 100.55 3.68 3.02 364 970 605
Nov 93.87 3.64 3.30 382 990 605
Dec 97.75 4.24 3.88 364 990 605
Jan '14 94.64 4.71 4.23 373 1010 605
Feb 100.82 6.00 7.94 364 1010 605
Mar 100.80 4.90 7.10 363 1030 605
Apr 102.07 4.66 4.52 338 1030 605
May 102.11 4.58 4.43 342 1030 605
Jun 105.79 4.59 4.51 324 1030 605
Jul 103.59 4.05 3.84 351 1030 605
m-t-d Aug 97.09 3.91 3.64 348 n.a. n.a.
Forecast
2014 100.00 4.50 4.65 360 1010 610
2015 95.00 4.70 4.20 410 980 640
Commodity price forecasts are by BMO Capital Markets Economics and are independent of those used by BMO CM Equity Research
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