Oil / Commodities - Uranium spot prices soared to the highest level since the 2011 Fukushima nuclear disaster on concern potential sanctions aimed at Russia are poised to roil an already tight market. The price for benchmark Ux U308 uranium jumped to $59.75 per pound on Thursday, the highest since March 2011 when meltdowns at the Fukushima Dai-Ichi facility shut Japan’s fleet of nuclear plants, which sent a shock-wave across the atomic industry and dashed demand for uranium, the fuel used in reactors. The White House is considering sanctions on Russia’s state-owned atomic energy company, Rosatom, intensifying concerns over disruptions to uranium exports from Russia. Rosatom accounts for more than 35% of global uranium enrichment. Russia accounted for 16.5% of the uranium imported into the U.S. in 2020. Yet, the World Nuclear Association cited that there is still significant potential to increase uranium production outside of Russia. Nuclear plants typically have enough fabricated fuel on site to keep operating for at least a year, and in many cases, much longer.
Newsletter - March 11, 2022
Newsletter - March 11, 2022
Newsletter - March 11, 2022
Oil / Commodities - Uranium spot prices soared to the highest level since the 2011 Fukushima nuclear disaster on concern potential sanctions aimed at Russia are poised to roil an already tight market. The price for benchmark Ux U308 uranium jumped to $59.75 per pound on Thursday, the highest since March 2011 when meltdowns at the Fukushima Dai-Ichi facility shut Japan’s fleet of nuclear plants, which sent a shock-wave across the atomic industry and dashed demand for uranium, the fuel used in reactors. The White House is considering sanctions on Russia’s state-owned atomic energy company, Rosatom, intensifying concerns over disruptions to uranium exports from Russia. Rosatom accounts for more than 35% of global uranium enrichment. Russia accounted for 16.5% of the uranium imported into the U.S. in 2020. Yet, the World Nuclear Association cited that there is still significant potential to increase uranium production outside of Russia. Nuclear plants typically have enough fabricated fuel on site to keep operating for at least a year, and in many cases, much longer.