Nuclear energy

US waivers for Russian enriched uranium end in
422 days

1 Jan 2028. Russia supplied 26% of US enrichment purchases in 2025.

Signals
Long-term price
In between
$98.00
Bullish above ~$100 · bearish below ~$85
Spot
In between
$92.01
Bullish above term · bearish below ~$80
Utility contracting, 2026
▼ Bearish
37M lb
Bullish above 150M lb/yr · bearish near 100–120M
Sprott trust vs NAV
In between
−13%
Bullish at a premium · bearish past −20%
SWU price
▲ Bullish
~$160
High SWU means overfeeding: more uranium demand
Catalysts
23 Oct 2026
Bannerman Etango final investment decision
New supply
Late Oct 2026
Yellow Cake Q3 NAV
Confirms the discount
30 Oct 2026
Cameco Q3 results
Realised-price table; contracting commentary
4 Nov 2026
Centrus Q3 results
Russian waiver, HALEU funding
Early Nov 2026
Kazatomprom 3Q trading update
Production vs guidance; acid supply