Daily Nuclear & Uranium Market Recap
2/9/26
Daily Nuclear & Uranium Market Recap
Monday, February 9, 2026
Market Overview
The nuclear and uranium sector posted a strong session today, with the Nuclear Energy Index rising to $54.48, up 4.35% on the day and +5.05% over the past month. Uranium spot prices remain elevated near recent highs, last quoted at $85.25/lb as of February 6, up 22.40% year-over-year, after briefly touching ~$101/lb in January, the first triple-digit print in nearly two years. The end-of-January spot price closed at $94.28/lb, the highest since February 2024.
Key Equity Movers
Oklo (OKLO) - Trading at ~$74.19 today, up from Friday’s close of $71.10, continuing its volatile run within a wide 52-week range of $17.42–$193.84. BofA recently upgraded shares to Buy following the firm’s binding nuclear power agreement with Meta Platforms.
Uranium Energy Corp (UEC) - Shares at $16.66, up +3.32% intraday, benefiting from Goldman Sachs raising its price target to $18 from $16 (reiterated Buy) on Feb. 4, citing the strong spot uranium rally and updated reactor tracker data.
NexGen Energy (NXE) - Rook I project advanced to the final CNSC Part 2 hearing step, the last federal regulatory hurdle before a licensing decision on the flagship Saskatchewan uranium project.
Sprott Uranium Miners ETF (URNM) - NAV at $67.30 as of Feb. 6 (+0.85% daily change), with total net assets at $2.29 billion; YTD performance is +27.08% off a Jan. 2 open of $55.13.
Global X Uranium ETF (URA) - Opened at $51.94 today vs. Friday’s open of $50.65, showing continued bid strength across the broader uranium miner complex.
Catalysts & Macro Drivers
Supply Tightening vs. Demand Surge - Uranium futures pulled back from the ~$101.50 near-term high after Uzbekistan’s Atomic Energy Agency reported 2025 production surging to 7,000 tonnes, above expectations, providing temporary supply relief. However, analysts describe underlying conditions as a “perfect storm” of extreme supply tightness, shifting U.S. energy policy, and AI-driven power demand.
Goldman Sachs Bullish on Sector - GS highlighted its February Global Reactor Tracker, noting new reactor activity across North America, Europe, and Asia as a key demand catalyst. UEC’s unhedged 1.36M lb U3O8 inventory gives it direct upside leverage to elevated spot prices.
NexGen Licensing Milestone - The Rook I Part 2 CNSC hearing represents the final federal step before a construction/operating decision, a de-risking event for one of the world’s highest-grade undeveloped uranium deposits.
Institutional Flows - Alps Advisors trimmed ~1.01M shares of UEC in Q3, a modest 6.3% reduction of its 15M+ share position, signaling profit-taking rather than conviction loss.
SEQH Desk View
Today’s session reinforces the constructive trend for nuclear equities: spot uranium holding firm above $85/lb, regulatory milestones advancing for key projects, and Wall Street sell-side support building with price target raises. The sector is up ~79% YoY on the Nuclear Energy Index. Near-term, watch for any further pullback toward the $85–$90/lb spot range as Uzbek supply digests, which could offer re-entry opportunities in miners with direct spot exposure like UEC. The NexGen CNSC decision timeline and upcoming Q4 earnings across the sector are the next major catalysts.