Energy · UXC · USD / lb
Uranium U3O8
Uranium is in the early-to-mid innings of a multi-year bull cycle. Utility uncovered requirements through 2035 exceed primary mine supply by 40%+. Geopolitical realignment (Russian conversion bans) has fractured the fuel cycle.
Spot
$92.00
Δ 24h
+2.8%
Realized Vol
32.1%
Cycle Phase
Early Bull
Price Timeline · 10Y
Hover · Click eventsInteractive History
Annotated Macro Events
2016Cameco Closes McArthurLargest high-grade mine suspended; supply rebalances.
2021Sprott Physical Trust LaunchAggressive spot buying removes uncommitted pounds.
2023Niger CoupOrano operations disrupted; 5% of global supply at risk.
2024US Russian Uranium BanProhibition Act passes; conversion/enrichment shortages emerge.
Cycle Phase Breakdown
Probability-weighted regime modelWhere Uranium U3O8 Sits in Its Supercycle
15%
40%
25%
15%
Accumulation
15%2017-2020 basing complete.
Early Bull
40%Current — long-term contract cycle re-engaged.
Expansion
25%Reactor build pipeline materializes.
Peak Euphoria
15%Tail — incentive prices for new mine builds.
Distribution
5%Supply response.
Supply & Demand
- Primary Mine Supply140 Mlbs
- Reactor Requirements195 Mlbs
- Utility Coverage 203062%
Cross-Asset Correlation
- Cameco (CCJ)0.86
- DXY-0.22
- Copper0.31
Exposure Vehicles
- URAGlobal X Uranium ETF
- URNMSprott Uranium Miners ETF
- U.UNSprott Physical Uranium Trust