Uranium prices have gained as much as 40% since Russia’s invasion of Ukraine, touching levels the market hasn’t seen in more than a decade --- even though...
Uranium prices have gained as much as 40% since Russia’s invasion of Ukraine, touching levels the market hasn’t seen in more than a decade, even though the war has had little immediate impact on global supplies of the fuel used to generate nuclear energy.
Uranium prices climbed to $59.75 a pound on March 10, according to data from nuclear-fuel consulting firm UxC. The invasion doesn’t have an immediate impact, given that no one is going to build a new nuclear reactor overnight to compensate for lost natural gas or oil imports, he says. However, there are “signs a few countries in Europe may shift their stance on nuclear power and maintain existing reactors longer, or possibly build new ones sooner as they look to diversify away from Russian [natural] gas.”
Unlike Europe, the U.S. is not dependent on Russian oil or natural gas, says John Ciampaglia, CEO of Sprott Asset Management, but it is “partially dependent” on enriched uranium from Russia. U.S. utilities rely on Russia for 16% of their enriched uranium supply, while Europe relies on Russia for 20%, he says.
Since its launch in July of last year, the Sprott Physical Uranium Trust UUT , the world’s largest physical uranium fund, has seen its holdings of the fuel climb to over 51 million pounds from 18.1 million and its net asset value grow to over $3 billion from $630 million since its launch, Ciampaglia says. Shares of the trust have climbed more than 20% this year as of March 15.
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