Uranium Exceeds $80 for First Time in More Than 15 Years – by Eddie Spence (Bloomberg News – November 21, 2023)


(Bloomberg) — Uranium prices topped $80 a pound for the first time in more than fifteen years on renewed demand for nuclear power and disrupted supplies.

Nymex futures tracking physical-market contracts for a raw form of uranium known as yellowcake hit $80.25 a pound on Monday. Prices have rallied sharply this year, hitting levels not seen since Japan’s Fukushima accident caused governments across the world to cut back on nuclear power.

Following the invasion of Ukraine, things couldn’t be more different, with countries looking to nuclear power as a source of low-carbon power that can diversify their mix from intermittent renewable energy and imported fossil fuels.

Some utilities in Europe are extending the lives of their reactors to cope with the loss of piped Russian gas, while the buildout of China’s nuclear fleet is continuing at pace. The revival of demand prospects has come at a time when key producers are facing supply disruptions.

For the rest of this article: https://www.bnnbloomberg.ca/uranium-exceeds-80-for-first-time-in-more-than-15-years-1.2001647