Uranium Week: Rising Interest From Utilities

Influence of near-term volatility of financial markets continues

Parallel features continue to characterise U308 markets. As noted by industry consultants TradeTech, the spot price market is being swept up in the volatility of financial markets generally, as expectations around a resolution to the Middle East war wax and wane.

Longer term, the bullish narrative around uranium and nuclear power generation, in contrast, continues to advance. As observed by Canaccord Genuity, energy shocks tend to have positive tailwinds for the uranium sector (backed up by history).

The thematic was discussed in last week’s Uranium Weekly (https://fnarena.com/index.php/2026/04/21/uranium-week-sprott-joins-risk-on-rally/) and re-inforced by the latest announcement from the US Administration's “Nuclear Dominance – 3 by 33” campaign.

The US Department of Energy’s Office of Nuclear Energy announced a Nuclear Fuel Cycle Consortium composed of more than 90 companies, with the aim of working with the government to ensure the US continues to have enough nuclear fuel to power the existing reactor fleet as well as future advanced reactors.

The three aims by 2033 are:

• Catalyse a secure and cost-competitive domestic fuel supply chain
• Accelerate advanced reactor deployment and close the fuel cycle
• Explore how the consortium can help grow and align workforce, finance, innovation and collaboration of nuclear build-out

The key takeaway for Canaccord is the “genuine, government-backed push” for small nuclear reactor (SMR) deployment.

Utilities seeking out supply 

TradeTech details how the US consortium aligns with robust long term demand by utilities, as evidenced in the term U308 markets, with purchases for delivery starting as early as 2027 and as some buyers are looking out beyond 2035.

Notably, one US utility is observed as waiting for offers for up to 7.2mlbs U308 for delivery between 2027 and 2035, with offers due by May 11.

Canaccord equally highlights the US utility's intend, which is viewed positively and follows what the analyst states as a “rapid start to the year” from Eastern areas seeking out supply, such as India (Kazatomprom/Cameco), and China with the Bannerman Energy ((BMN)), Etango deal, for first deliveries in 2027.

The example of that US utility may reflect the rising importance to secure supply for western utilities.

Other utilities are also scoping out initial discussions with potential sellers about future fuel needs.

TradeTech explains the changing dynamics around demand and supply. As countries globally announce new nuclear power plant builds, utilities are increasingly aware the drawdown in the inventory overhang is emphasising new supply is required to come on stream.

In turn, this is translating into rising long-term offer prices and higher prices in recent transactions.

Over the last week, ten transactions for 850klbs were conducted in the U308 spot market, with the TradeTech spot price ending down -US$0.75/lb to US$86.25.

Depending on the delivery location, timing and day, the spot price moved between US$86.50/lb and US$87/lb.

Deliveries to ConverDyn’s conversion plant in the US were conducted at higher prices versus delivery at Cameco’s Canadian facility, which has been the case for several weeks.

The TradeTech U308 Mid-term price indicator stood at US$88/lb and the Long-term price indicator at US$93/lb.

Canaccord details how Sprott Physical Uranium Trust (SPUT) has raised cash over the last week and has cash on hand of US$150m, which equates to some 2mlbs of U308.

Over April, the trust has acquired 1mlb and boosted the U308 spot price by US$3.50/lb.