Daily Nuclear & Uranium Market Recap
3/31/26
Daily Nuclear & Uranium Market Recap
Tuesday, March 31, 2026
Market Overview
The nuclear and uranium complex delivered a strong relief rally to end the month, with broad gains across producers, SMR names, and fuel cycle plays despite uranium itself remaining near recent lows. Uranium fell to $83.90/lb on March 30, down 0.18% on the day and 2.95% over the past month, but still 29.88% higher than a year ago, based on CFD pricing that tracks the benchmark market. Uranium Mar 2026 futures (UXH6) last settled at $83.90 for March and $84.05 for April, placing the near dated curve flat in the low to mid $80s after a one month range of $85.40 to $89.40 and a late January intramonth peak at $107.30. Structurally, uranium remains in a consolidation band that is elevated versus 2025 spot averages in the low $70s.
Key Equity Movers, Winners
Bloom Energy (BE) closed at $135.30, plus 13.21% on 11.5M shares, a sharp snapback after yesterday’s 11.7% selloff. Zacks and Yahoo this week noted BE’s recent underperformance versus the S and P 500 and tied the drawdown to valuation risk and a “lost opportunity” narrative following a canceled data center expansion involving a key customer, but also highlighted that demand for clean power to supply AI data centers remains a powerful long term tailwind.
Curtiss Wright (CW) closed at $675.30, plus 6.84% on 522.3K shares, and BWX Technologies (BWXT) at $203.50, plus 6.22% on 1.0M shares. Zacks’ fresh “Best Nuclear Energy Stocks” list puts BWXT among the top nuclear names, citing a 1.36% 12 week price gain, 12.70% projected EPS growth, 16.16% projected sales growth, and a $7.3B backlog, which underpins days like today when the sector catches a bid.
Cameco (CCJ) closed at $108.80, plus 5.80% on 4.0M shares. Cameco’s pricing page continues to show February spot at $86.95/lb, up from $65.03 a year earlier, underscoring how much CCJ had de rated versus a still elevated commodity before today’s bounce.
Denison (DNN) closed at $3.53, plus 6.97% with about 35 to 40M shares traded (in line with its recent heavy volume), as the market starts to re rate the Phoenix ISR FID now that the initial “sell the news” phase is fading.
enCore Energy (EU) closed at $1.80, plus 7.14% on 2.2M shares. Its year end results, including 655,000 lbs sold at $65.89/lb and improved liquidity via warrants, remain the fundamental anchor.
NexGen (NXE) closed at $11.62, plus 7.20% on 7.7M shares; Nano Nuclear (NNE) at $20.54, plus 8.11% on 1.4M shares; NuClear (NKLR) at $4.68, plus 7.09%; Lightbridge (LTBR) at $10.70, plus 8.63%; MIR at $18.64, plus 7.62%.
Oklo (OKLO) closed at $49.36, plus 8.29% on 9.4M shares, and SMR at $10.86, plus 5.95% on 19.4M shares. MarketBeat earlier this year flagged Oklo, NuScale Power, Centrus, BWXT, and Nano Nuclear as the five nuclear stocks to watch based on high trading volumes, and today’s moves confirm that this cohort remains at the center of speculative nuclear positioning.
NuScale AI (NUAI) closed at $4.09, plus 9.95% on 3.1M shares, and Uranium Royalty (UROY) at $3.66, plus 10.91%, and Energy Fuels (UUUU) at $18.20, plus 10.58% on 12.3M shares. The rally was broad across the higher beta parts of the complex.
Uranium Energy (UEC) closed at $13.43, plus 7.25% on 9.4M shares. Its Q2 fundamentals remain compelling: $20.2M revenue, $10M gross profit, sales of 200k lbs at $101/lb versus an $80.76/lb spot average, $818M in liquid assets, zero debt, and 1.456M lbs of inventory, with multiple outlets highlighting UEC as a core way to play an eventual uranium rebound.
LEU closed at $173.35, plus 2.86% on 1.2M shares, recovering part of yesterday’s 8.6% hit. Zacks has been arguing that LEU’s three month drawdown opened an opportunity given its $3.8B backlog and central role in enrichment and HALEU supply.
ASP Isotopes (ASPI) closed at $4.36, plus 3.32% on 3.7M shares. MarketBeat recently highlighted ASPI’s gap up earlier in the week and its mixed analyst picture (Cantor and Canaccord with $13 and $11 price targets, Weiss Ratings at D minus Sell), reinforcing that even small shifts in sentiment can drive outsized moves.
Skyline Builders (SKBL) closed at $3.09, plus 1.98%, and SLX AT at €5.29, plus 5.80%, rounding out the green tape.
Relative Underperformers
CEG closed at $279.20, minus 6.50% on 6.2M shares, giving back some of its previous outperformance. Despite this, thematic pieces continue to highlight Constellation and other nuclear IPPs as long term beneficiaries of Big Tech’s pledge to triple global nuclear capacity by 2050 and recent SMR partnership announcements.
SILXY closed at $16.74, minus 8.27%, in illiquid trade. Most other names were green, with only a handful of small caps and illiquids in the red.
Uranium Market Backdrop
Uranium price chart
Spot and futures: Uranium fell to $83.90/lb on March 30, down 0.18% from the prior day, 2.95% lower over the past month, but 29.88% higher than a year ago. Mar 2026 futures show a one month performance of minus 3.04% (from 89.40 to 86.70), but a 5.19% year to date gain and 27.25% gain over the past year, confirming a pullback within a still bullish longer term trend. CME quotes list UXH6 at $83.90 and UXJ6 (April) at $84.05, indicating a flat near term curve anchored in the low to mid $80s.
Context: YCharts’ February average of $71.30/lb, up from $69.71 in January and $54.32a year earlier, confirms that even after this month’s selloff, uranium is operating at a structurally higher floor than in 2025. Crux Investor earlier this year framed spot in the $83 to $85 range as 17 month highs, with long term contract pricing in the $75 to $85/lbband supporting new mine sanctioning. Sprott’s and other outlooks continue to point to a bullish long term trend driven by AI power demand, new reactor builds, and policy support, with recent commentary suggesting the next significant upside target on the futures curve could be in the low $90s before any attempt at the $120 to $150/lb range later in the cycle.
SEQH Desk View
Today’s session was a textbook oversold bounce across the nuclear complex, with the right names leading. CCJ plus 5.8%, UEC plus 7.3%, DNN plus 7.0%, UUUU plus 10.6%, LEU plus 2.9%, and UROY plus 10.9% all higher on a day when uranium is still sitting around $83.90, down only about 3 percent on the month but nearly 30 percent up year over year. That combination tells us the recent equity drawdown has been about positioning and macro fear, not a breakdown in the underlying commodity or demand story.
The barbell continues to work. BWXT and CW rallied hard, IPPs were mixed with TLN and VST green and CEG red, and the higher beta SMR and AI names (SMR, OKLO, NUAI, NNE) all bounced sharply but remain deep in their prior drawdowns. For a portfolio, that argues for continuing to anchor around the quality uranium and fuel cycle core (CCJ, UEC, LEU, DNN, UUUU, UROY) and selectively layering in BWXT, CEG, VST, and TLN, while treating the speculative SMR and AI cohort as trading leverage rather than core holdings.
As long as uranium holds the low to mid $80s and the structural narrative around AI driven power demand and nuclear capacity expansion remains intact, today’s move looks more like Phase 1 of a broader mean reversion than a one day anomaly. The key into April will be whether we see follow through buying on any small dips, especially in CCJ, UEC, DNN, UUUU, and LEU.