Uranium futures were steady at around $49 per pound in August, firming under the $49.5 mark from earlier in the month as reliability problems around the nuclear power industry dented demand for its fuel. Prolonged corrosion issues and lack of appropriate cooling due to drying rivers made it necessary for France to close nearly half of its 56 reactors. The disconnections exacerbated Europe’s energy crisis, as plant shutdowns jeopardized nuclear energy that was responsible for nearly 70% of the France’s electricity last year and drove the country to be a net importer of energy after leading EU’s energy exports in the past. Confidence in the sector was compounded as Ukraine had to disconnect its Zaporzhzhia power plant, the largest in Europe, after Russian forces shelled its grid nearby. On the other hand, the sector is set to receive a large amount of investments in the US after the “Inflation Reduction Act” will set $369 billion into reducing carbon emissions.
Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on August of 2022.
Uranium is expected to trade at 50.18 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 54.90 in 12 months time.