Uranium Market Firm, Ready to Move Higher
Contributed Opinion

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The uncertainty developing in the Gulf with the Iran conflict has depleted global oil inventory buffers and increased concerns about the world's energy position.

Hydrocarbons still made up ~86% of all 2025 energy demand, with oil ~33%, so the loss of about 11mmbopd (~10%) is critical .

Prices for all forms of hydrocarbons will therefore rise, and so all alternatives will follow.

The reliance on oil for transportation and petrochemicals remains in place, but most other uses have been displaced and have declined.

Oil now makes up only 2.2% of 2025 electricity generation.

In complete contrast, nuclear makes up only 5.2% of total energy but 8.8% of all electricity.

The trend towards high-capacity base-load electricity is strong and is growing.

Data Centers, particularly for AI requirements, need stable, continuous power flows, and nuclear power provides one of the cheapest and certainly the most reliable sources.

Data for 2025 shows uranium demand of 69,000t (152mlb) from 440 operable reactors with 403,000 Mwe capacity

Another 79 (87,000Mwe)are under construction, another 120 (108,000Mwe) are planned, and 326 (302,000Mwe) are proposed.

The numbers show a 22% increase in MWEe from under construction, 48% increase with planned included, and a gross 123% increase if all are included.

This demand growth is obvious, but the expanding supply gap is extraordinary.

More uranium mines are needed.

Theatre of the Absurd.

Australia has union-collectivist mindset politicians with vision down to their toes.

All this use of safe nuclear power generation and massive growth in capacity are planned.

Genius Albo is going to provide uranium to India while limiting the exploration and development of uranium mines here.

While refusing to debate the opportunity of nuclear power in Australia.

Uranium Prices

Uranium contract prices are quite different from spot, but the Globex Futures price helps show market sentiment.

Turnover is low, but it is helpful.

Interesting intraday moves this week and the tight wedging pattern are suggesting a strong move is coming quite soon.

The Uranium Energy Corp. (UEC:NYSE AMERICAN) holds physical uranium, so it is a better overall indicator showing rising volume.

See below. The price is just above the trend line, ready to move up.

See below. The price is in a tight wedge, sharp move incoming.

See below. Small pullback to the uptrend in Uranium Energy Corp. (UEC:NYSE AMERICAN)?

North American Uranium Stocks

Market action in the key uranium companies gives strong support for a resumption in uptrends.

Cameco Corp. (CCO:TSX; CCJ:NYSE)

NexGen Energy Ltd. (NXE:TSX; NXE:NYSE.MKT)

Kazatomprom (NATKY:OTCMKTS; KAP:LSE)

Uranium Royalty Corp. (UROY:NASDAQ; URC:TSX)

The major uranium stocks are moving against uranium as represented by the UEC.

The relativities are also showing a move up for uranium against gold and for uranium stocks to resume their rises against the S&P500.

Feel the energy!