During 2023, uranium futures have shown an impressive run higher, and are now up by approximately 65% YTD. Earlier this week, the yellow cake contracts continued their surge, topping the $80 (£63.7) per pound mark for the first time since January 2008. Source: TradingEconomics.com In contrast, WTI crude, natural gas, and coal are lower by 5.6%, 26.1%, and 46.1%, respectively.
Over the previous decade, prices have been depressed in the international markets following the tragedy at Fukushima, resulting in considerable oversupply. Rising demand
However, the new-found demand has been sustained by the global shift towards low-carbon growth, which has meant a bias towards reducing fossil fuel use, as well as robust utility contracting by energy grids.
Moreover, the intermittent supply issues from solar installations and wind energy; as well as the considerable disruption to traditional energy flows seen amid the Ukraine war, have led to higher demand for independent backups […]
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