Daily Nuclear & Uranium Market Recap
2/11/26
Daily Nuclear & Uranium Market Recap
Wednesday, February 11, 2026
Market Overview
Nuclear equities sold off today, unwinding much of Monday’s rally as uranium spot pulled back and broader risk sentiment softened. Uranium spot was last marked at $88/lb as of February 10, up +2.03% day-over-day, +6.22% on the month, and +30.66% year-over-year. However, a key data point surfaced today: Yellow Cake PLC was offered a purchase price of $86.15/lb by Kazatomprom under its framework agreement, the first confirmed institutional transaction price in several days and slightly below the $88 screen level, suggesting some softness in the physical market.
Key Equity Movers
Cameco (CCJ) - Fell to $115.56, down ~2.1% on the session, continuing the pullback from Monday’s $120+ levels. CCJ has underperformed SPY over the past two weeks (-2.6% vs. -0.1%), though the 1-year return of +137.0% remains dominant.
Oklo (OKLO) - Dropped sharply to $65.57, down roughly -12.6% from yesterday’s close near $75. This is the steepest single-day pullback in the name in recent weeks; no specific negative catalyst identified, likely a momentum unwind in a name that ran +40% off January lows.
Uranium Energy Corp (UEC) - Closed at $16.12, opening at $16.87 and selling off through the session, a -1.3% decline. UEC had already dropped -4.44% yesterday from Monday’s highs.
NexGen Energy (NXE) - Trading at $11.62, relatively flat, as the Part 2 CNSC hearing commenced Sunday, Feb. 9 and remains ongoing — the final federal step before a licensing decision.
Energy Fuels (UUUU) - The day’s standout, surging +7% on broad uranium momentum and strong positioning as a leading U.S. producer of uranium, REEs, and critical materials. UUUU exceeded 1 million lbs of finished uranium production in FY-2025 and has been adding new long-term sales contracts.
BWX Technologies (BWXT) - Held firm at $194.94, outperforming the group on defense/government contract stability.
Sprott Uranium Miners ETF (URNM) - NAV closed yesterday at $71.16, down -0.49%, with market price at $70.91 and total net assets at $2.43B. Sprott has added 4 million lbs of physical uranium YTD, bringing total holdings to ~79 million lbs, a significant demand pull on the physical market.
Catalysts & Headlines
Yellow Cake / Kazatomprom Transaction at $86.15/lb - Yellow Cake announced a proposed uranium purchase under its Kazatomprom framework agreement at $86.15/lb, alongside a new share placing to fund the acquisition. This marks a real-money clearing price for physical U3O8 slightly below the screen spot, providing a useful price discovery reference for the desk.
Analyst Divergence on 2026 Outlook - A Hindu Business Line roundup today highlighted a growing split among sell-side and research houses:
Canaccord Genuity projects long-term stabilization at $110/lb
Australia’s AOCE forecasts a rise from $73/lb (2025 avg) to $91/lb average in 2027
BMI warns that spot is trading 10%+ above term prices, calling the recent $100+ spike “largely speculative rather than fundamentally driven” and flagging the NexGen Rook I approval as a potential supply overhang risk in the early 2030s
UBS maintains a 3% annual demand growth forecast for reactors
Standard Uranium (STND) Drilling Commenced - Drilling has begun at the 12,364-hectare Corvo Uranium Project near Wollaston Lake, Saskatchewan, an early-stage exploration play in the Athabasca Basin.
Sprott: “Important Shift in Investor Attention” - Sprott’s ETF products director Jacob White noted January’s price surge reflects a rotation back toward upstream supply-chain equities from downstream nuclear themes, driven by improving policy clarity and supply-demand fundamentals.
SEQH Desk View
A mixed tape today, the broader miner complex gave back gains while UUUU bucked the trend on its domestic production credentials. The most actionable intelligence is the Yellow Cake/Kazatomprom clearing price at $86.15/lb, which sets a real floor for physical transactions and validates that spot is holding mid-$80s even as the screen-based CFD trades at $88. The BMI caution on speculative vs. fundamental pricing deserves attention, the 10%+ spot-over-term spread is historically wide and signals that near-term pullbacks are possible if speculative buyers step back. That said, structural demand is undeniable: Sprott alone has absorbed 4M lbs YTD, Centrus just secured $900M in DOE funding for domestic enrichment expansion, and the NexGen CNSC decision remains the sector’s single biggest near-term binary event. OKLO’s -12.6% session is worth monitoring, if $65 support breaks, the next level is the mid-$50s gap from late January.