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Uranium Energy Corp. is a uranium mining company. It advances its In-Situ Recovery (ISR) mining uranium projects in the United States and conventional projects in Canada. It offers two production ready ISR hub and spoke platforms in South Texas and Wyoming. These two production platforms are anchored by operational central processing plants and served by seven U.S. ISR uranium projects... see more

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Uranium Energy Corp > 🐳Extreme pressure is building under #Uranium prices🗜️💣

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Post by mangoe on Nov 30, 2024 5:34pm

🐳Extreme pressure is building under #Uranium prices🗜️💣

John Quakes

@quakes99 -

Extreme pressure is building under #Uranium prices as #Nuclear fuel brokers

@EvoMarkets

report another huge +$12 spike in Spot Conversion to a new all-time record high of $99.50/KgU with sellers asking $102 for a 25X rise from its $4 bear market low and a signal that higher #U3O8 prices are coming as more newly-signed conversion contracts will require purchasing of more mined #U3O8 feed.

IMHO, this is VERY likely a direct result of the new total Russian ban on exports of enriched Uranium to the USA as US fuel buyers now need to secure supplies of converted UF6 to feed into enrichment SWU contracts with alternative Western suppliers.

When ordering enrichment from Russia they provide the UF6 AFTER the EUP cylinders have been delivered to the US, but Western enrichers require the UF6 to be provided BEFORE they process the order.

This huge spike in Conversion may also answer the question: "Was any Russian EUP bound for the US loaded onto the Atlantic Action II vessel in St. Petersburg?" This sudden price spike on Friday would appear to answer that with a definitive NO! Buckle up!