Uranium prices could push aggressively higher in 2024.
According to The Wall Street Journal, “Miners are struggling to get enough uranium out of the ground. That is helping to push prices of the nuclear fuel to nearly 16-year highs,” WSJ reported. The reporting added that one of the world’s biggest uranium suppliers, Cameco, “recently said it may need to buy more uranium before the end of this year to meet obligations to customers after suffering setbacks at key mines.”
Also, as just highlighted by The Wall Street Journal, “The market is only getting tighter, according to Jonathan Hinze, president of UxC. Commercial reserves of uranium held by U.S. utilities have been declining since 2016, according to data from the U.S. Energy Information Administration. In the European Union, they have been declining steadily since 2013, according to the Euratom Supply Agency.”
Further boosting uranium demand, about 22 countries, including the U.S., Canada, the UK, and France just pledged to triple their nuclear capacity by 2050 at the 28th Annual UN Climate Change Conference.
One way to trade the potential boom is with Uranium Energy Corp. (UEC), which just broke from consolidation to the upside. As you can see from the UEC chart, it had an exemplary 2023, and could do even better in the months to come.
