Uranium futures were above the $49 level, rebounding from the near one-month low of $47.5 touched on June 21st amid higher demand for alternative energy sources and concerns of lower supplies. Significant cuts of Russian natural gas flows to Europe exacerbated concerns of low storage levels ahead of winter, prompting the EIA to urge for higher nuclear energy production in the EU. In the meantime, fears of supply interruptions from Russia emerged after Canadian trade restrictions prevented the shipment of enriched uranium to US utilities through a Canadian vessel, despite no sanctions on nuclear fuel by either country. As of 2020, Russia was responsible for 43% of the world’s uranium enrichment, by far the largest share of a single country. Still, confidence in the sector remains capped as Germany continuously pledges to halt nuclear power, while stress corrosion in French plants severely cut back production in Europe’s top nuclear energy producer and advocate.
Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on June of 2022.
Uranium is expected to trade at 49.91 USD/LBS by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 54.55 in 12 months time.