Daily Nuclear & Uranium Market Recap
3/25/26
Daily Nuclear & Uranium Market Recap
Wednesday, March 25, 2026
Market Overview
The nuclear and uranium complex posted a mixed but constructive session: IPPs and BWXT rallied, core producers were modestly green, and speculative SMR and AI names diverged. Uranium slipped to $83.90/lb today, down 2.50% on the session and about 4.88% over the past month, but still 30.58% higher than a year ago, according to CFD pricing that tracks the benchmark market. CarbonCredits likewise reported spot at $83.90/lb and ¥579/lb in China, attributing the retreat to a stronger U.S. dollar pressuring industrial commodities and a short term supply uptick, while emphasizing that structural deficits and AI plus new reactor demand keep the long term bull case intact. March futures are trading in line with spot, with first notice a few days away and no signs of a severe contango driven unwind.
Key Equity Movers, Winners
BWX Technologies (BWXT) closed at $222.00, plus 8.42% on 1.3M shares, the day’s standout. Yahoo Finance recently highlighted BWXT as one of the top three nuclear energy stocks to buy and hold for decades, given governments’ large scale investments in nuclear infrastructure and BWXT’s entrenched position supplying reactors and fuel to the U.S. Navy and other government customers. BWXT’s own historic price data show this week’s range between about $200 and $212, making today’s move a clear breakout from the recent band.
Talen Energy (TLN) closed at $330.00, plus 4.51% on 776.2K shares, continuing a multi day climb off mid March lows.
CEG closed at $303.50, plus 2.93% on 2.4M shares, and CW at $702.25, plus 0.21%, underscoring persistent strength in contracted and merchant nuclear plus grid stability plays.
Energy Fuels (UUUU) closed at $18.72, plus 3.65% on 11.3M shares, extending its bounce from the high $17s. The Q4 beat and 2026 margin expansion story remain supportive.
Denison (DNN) closed at $3.59, plus 2.20% on 46.8M shares, another heavy volume day as the stock slowly rebuilds after the Phoenix ISR FID “sell the news” pressure. Recent commentary continues to stress that Phoenix is now an execution story with about $600M capex and mid 2028 first production in view.
Uranium Royalty (UROY) closed at $3.45, plus 1.17%; URG at $1.51, plus 0.67%; EU at $1.86, plus 0.54%; LTBR at $11.14, plus 1.83%; NNE at $21.92, plus 1.43%; OKLO at $55.56, plus 1.08%; and SMR at $11.66, plus 2.01%, all modestly green.
NuClear (NKLR) closed at $5.06, plus 3.05% on 578.4K shares, and ASPI at $4.99, plus 0.20% on 3.9M shares, holding onto recent gains in the isotope and advanced fuel lane.
Skillful Craftsmen (SKBL) also outperformed, closing at $3.24, plus 5.23% in a thinly traded micro cap move.
Laggards
NuScale AI (NUAI) closed at $4.46, minus 6.11% on 3.3M shares, the biggest decliner in the group. NUAI continues to trade as a pure momentum proxy on AI and infra sentiment, and today’s drop reverses part of the recent up move.
NexGen (NXE) closed slightly lower at $11.60, minus 0.26%; MIR at $18.81, minus 2.29%; VST at $151.50, minus 0.80%; and LEU at $193.90, minus 0.99%, all reflecting modest profit taking after recent strength.
Uranium Market Backdrop
Spot and futures: Uranium’s move down to $83.90/lb represents a 2.50% daily decline and about 4.88% over the past month, but prices are still 30.58% above year ago levels. CarbonCredits points to a rebounding dollar and a renewed trickle of supply as reasons for the short term pressure, while noting that AI driven electricity demand and new nuclear buildouts are keeping demand robust. Monthly data from YCharts and FRED confirm that February’s average spot price near $71.30/lb was up about 31 percent from $54.32 a year earlier, marking a clear structural step up versus 2025.
Context: Uranium Spotlight’s mid March brief described a “softer but still active” spot market, with the price closing the prior week around $83.75/lb, off from earlier 2026 highs but still supporting new production sanctioning, especially with term and conversion prices firming. This is consistent with Sprott and CarbonCredits’ framing of 2026 as a consolidation and digestion year inside a broader bull market shaped by a multi billion pound long term supply gap.
SEQH Desk View
Today’s tape underscores a growing split inside the sector. On one side, BWXT plus 8.4%, TLN plus 4.5%, CEG plus 2.9%, CW green, and UUUU plus 3.7% are exactly the kind of high quality, cash flowing or clearly de risked names that institutions are rewarding, even as uranium itself steps down to $83.90. On the other, we see modest gains or flat prints in UEC, DNN, UROY, and URG, and sharp weakness in NUAI, reflecting ongoing caution around high duration and speculative exposures.
The commodity is telling a calm but not euphoric story: down about 5 percent on the month after a spike above $100 in January, but still roughly 30 percent higher year over year. That combination is consistent with a market that overshot to the upside, pulled back as the dollar strengthened and supply normalized somewhat, and is now searching for a new equilibrium price floor that still supports FIDs like Phoenix and long term contracting at materially higher levels than in 2024 and early 2025.
For positioning, the takeaway is that the barbell remains the right framework: own the contracted and government linked nuclear platforms (BWXT, CEG, VST, TLN) on one end, and a tight set of high quality uranium and fuel cycle names (CCJ, UEC, UUUU, DNN, LEU) on the other, while being extremely selective with SMR, AI, and early stage stories like NUAI and some juniors. As long as uranium holds the low to mid $80s and term plus conversion markets stay firm, that barbell should continue to offer better risk reward than trying to time every tick in spot.