Daily Nuclear & Uranium Market Recap
4/1/26
Daily Nuclear & Uranium Market Recap
Wednesday, April 1, 2026
Market Overview
The nuclear and uranium complex logged a second straight up day, with gains concentrated in producers, fuel cycle names, and IPPs, while some SMR and isotope names lagged. Uranium rose to $84.15/lb on March 31, up 0.30% day over day, down 2.66% over the past month, but still 29.66% higher than a year ago, based on CFD pricing that tracks the benchmark market. Global spot is essentially flat at $83.90/lb today (¥577/lb in China), reflecting an ongoing contracting standoff where utilities prefer small tenders and producers hold out for higher ceiling term contracts, even as structural supply deficits and AI driven power demand keep the fuel market tight. Apr 2026 futures (UXJ6) are trading around $84.00 to $84.05, with first notice in 26 days and a three month range of $82.20 to $101.60, up 2.31% since late December.
Key Equity Movers, Winners
SILXY closed at $18.86, plus 12.66%, in thin trade.
Centrus Energy (LEU) closed at $183.51, plus 5.71% on 754.5K shares, extending its rebound from last week’s lows. Zacks’ latest “Best Nuclear Energy Stocks” update put LEU on the buy list thanks to its enrichment and HALEU focus, despite a roughly 19% three month drawdown.
NuScale AI (NUAI) closed at $4.27, plus 5.17% on 4.4M shares, bouncing after recent weakness.
enCore Energy (EU) closed at $1.89, plus 5.00% on 2.3M shares, continuing its slow recovery after year end results that showed 655,000 lbs sold at $65.89/lb and a stronger balance sheet via warrants.
SLX AT closed at €5.55, plus 4.91%; Curtiss Wright (CW) at $712.00, plus 4.53%; and Denison (DNN) at $3.69, plus 4.53% on 39.5M shares. DNN’s move comes as the market absorbs its Phoenix ISR FID, which sanctioned roughly $600M initial capex and targets mid 2028 first production.
BWX Technologies (BWXT) closed at $212.39, plus 3.86% on 1.1M shares. Zacks’ nuclear list highlights BWXT’s 12.7% projected EPS growth, 16.2% projected sales growth, and $7.3B backlog, reinforcing why it rallies quickly when the sector catches a bid.
Talen Energy (TLN) closed at $328.66, plus 2.95%; Skillful Craftsmen (SKBL) at $3.18, plus 2.91%; Vistra (VST) at $154.46, plus 2.75%; and Cameco (CCJ) at $111.22, plus 2.40%. Cameco’s price page still shows February spot at $86.95/lb, up from $65.03 a year earlier, underscoring how much room there is for miners to re rate if uranium holds the mid $80s.
Uranium Royalty (UROY) closed at $3.68, plus 0.82%; NexGen (NXE) at $11.69, plus 0.78%; Nano Nuclear (NNE) at $20.65, plus 0.82%; Mirion (MIR) at $18.66, plus 0.38%; Uranium Energy (UEC) at $13.54, plus 0.30%; CEG at $279.94, plus 0.25%. The IPP and large cap producer cohort continues to act as the “quality core.”
ASP Isotopes (ASPI) and Oklo (OKLO) were mixed to slightly red, but SMR and other SMR names saw selling as part of a continued shakeout.
Laggards
Lightbridge (LTBR) closed at $10.63, minus 0.28%; NuClear (NKLR) at $4.61, minus 0.65%; Energy Fuels (UUUU) at $17.99, minus 1.42%; Bloom Energy (BE) at $133.27, minus 1.64%; Ur Energy (URG) at $1.46, minus 2.01%; Oklo (OKLO) at $48.31, minus 2.58%; ASP Isotopes (ASPI) at $4.27, minus 3.43%; and NuScale Power (SMR) at $10.32, minus 4.80%. These are the higher beta, longer duration, and more speculative names, and they continue to be treated as trading vehicles rather than core exposure in this tape.
Uranium Market Backdrop
Uranium price chart
Spot and futures: Uranium rose to $84.15/lb on March 31, up 0.30% from $83.90 on March 30, down 2.66% over the past month, but 29.66% higher than a year ago. CarbonCredits reports global spot flat at $83.90/lb today, with utilities delaying large term deals and producers resisting lower price ceilings, even as structural deficits, AI data center power needs, and looser U.S. conversion regulations tighten the longer term outlook. Apr 2026 futures trade around $84.00 to $84.05, up about 2.31% since late December, with a three month high at $101.60 and low at $82.20.
Longer term: Monthly data from YCharts show February’s average uranium spot at $71.30/lb, up from $69.71 in January and $54.32 a year earlier, a 31.27 percent year over year increase that confirms a higher structural floor versus 2025. Crux Investor and other analyses have highlighted that spot in the low to mid $80s is already above the level needed to sanction many new projects, with long term contracts in the $75 to $85/lb range.
SEQH Desk View
Today’s tape extends the early week mean reversion: uranium up slightly to $84.15, still only about 2.7 percent off over the month but nearly 30 percent up year over year, while quality uranium and nuclear names put in another solid green day. LEU plus 5.7 percent, DNN plus 4.5 percent, EU plus 5 percent, CW plus 4.5 percent, BWXT plus 3.9 percent, TLN and VST firmly green, and CCJ plus 2.4 percent are exactly the moves you want to see if this is the start of a proper base building and re rating rather than a dead cat bounce.
At the same time, the tape is still discriminating brutally between duration and quality. SMR, ASPI, OKLO, NUAI, and other long dated or valuation rich plays remain choppy, even when they are green, and are repeatedly sold into strength when the market wobbles. For capital deployment into Q2, the message is consistent with the last week: anchor around CCJ, UEC, LEU, DNN, UUUU, UROY plus BWXT, CEG, TLN, VST, and use the speculative SMR, AI, and isotope names tactically rather than as core holdings.