Daily Nuclear & Uranium Market Recap
3/23/26
Daily Nuclear & Uranium Market Recap
Monday, March 23, 2026
Market Overview
The nuclear and uranium complex put in a broadly positive session, with nearly every core name green despite uranium trading sideways in the mid 80s. Trading Economics last marked uranium at $84.40/lb on March 20, down 0.30% day over day and 5.06% over the past month, but still 29.75% higher than a year ago. At the same time, CarbonCredits reported global uranium spot holding flat at $86.05/lb today, reflecting a balance between surging long term demand from AI data centers and SMR contracts, and near term supply relief from increased Uzbek output. Futures data show the March contract near $84.40 to $85.50 in recent sessions, confirming a narrow consolidation band after the late January spike to about $101.50/lb.
Key Equity Movers, Winners
ASP Isotopes (ASPI) closed at $4.90, plus 16.25% on elevated volume, the day’s top mover. Management has spent March highlighting 2026 as a “transformational” commercial ramp year, with planned deliveries of silicon 28 under three semiconductor contracts, scaling ytterbium 176 production to about 1 kg per year, and expecting carbon 14 revenue from Q2 onward. Primary movement attributed to ASPI RENERGEN release this morning.
Energy Fuels (UUUU) closed at $17.80, plus 6.27% on 11.3M shares, bouncing after last week’s pressure. The Q4 print and 2026 guidance still point toward rising uranium production, strong balance sheet flexibility, and growing rare earth exposure.
enCore Energy (EU) closed at $1.81, plus 5.23% on 2.8M shares, continuing its slow recovery after year end results that showed 655k lbs sold at $65.89/lb, a gross margin of about $14.8/lb, and a stronger balance sheet after warrant exercises.
Mirion Technologies (MIR) closed at $19.32, plus 4.72% on 2.9M shares, another volatile session with an intraday range from $15.98 to $21.71.
Nano Nuclear (NNE) closed at $22.01, plus 4.31% on 1.5M shares, bouncing from the low 20s.
Cameco (CCJ) closed at $105.70, plus 4.09% on 3.9M shares, a strong move off last week’s lows. Cameco’s own pricing page still shows February spot at $86.95/lb, up from $65.03 a year earlier, highlighting how far equities have slipped relative to the underlying commodity.
Oklo (OKLO) closed at $56.14, plus 4.02% on 9.2M shares, grinding higher within its high 50s range as the market reassesses advanced reactor optionality.
Vistra (VST) closed at $151.40, plus 3.68% on 5.3M shares. Recent coverage continues to flag Vistra as a top nuclear and clean power name, with Wells Fargo maintaining a Buy rating and a $236 target, citing nearly 40% implied upside and its expanding fleet and data center exposure.
Uranium Energy (UEC) closed at $12.53, plus 3.64% on 10.4M shares, confirming mid March support after the Q2 print. UEC’s bull case was reiterated last week: Q2 revenue $20.2M, gross profit $10M, 200k lbs sold at $101/lb versus an $80.76/lb spot average, $818M in liquid assets, no debt, and 1.456M lbs of inventory. Investing.com highlighted renewed institutional accumulation, with net buying at roughly 5 to 1 over the last 12 months and a setup that could see UEC retest all time highs if it can clear the 30 day EMA near $15.
Lightbridge (LTBR) closed at $10.71, plus 3.58%; LEU at $193.37, plus 3.54%; Ur Energy (URG) at $1.50, plus 3.45%; Denison (DNN) at $3.44, plus 3.30% on a heavy 47.5M shares; CEG at $290.75, plus 3.11%; CW at $688.54, plus 2.58%; TLN at $310.01, plus 2.32%; NexGen (NXE) at $11.49, plus 2.04%; SMR at $11.67, plus 2.00%; Uranium Royalty (UROY) at $3.35, plus 1.82%; and NuScale AI (NUAI) at $5.04, plus 1.75%. The breadth of the bid was strong.
Laggards
NuClear (NKLR) closed at $4.97, minus 2.74% on 833.9K shares, the only notable decliner among the main set.
Bloom Energy (BE) closed at $142.16, minus 5.30% on 12.6M shares, giving back a portion of last week’s rebound. BE remains one of the highest beta names tied to the AI and data center power theme and has seen sharp swings as investors debate valuation after a roughly 285% gain in 2025.
Uranium Market Backdrop
Spot and futures: Trading Economics shows uranium at $84.40/lb on March 20, down 0.30% day over day and about 5.06% lower over the past month, but still 29.75% higher than a year ago. CarbonCredits’ real time tracker, however, has global spot effectively flat at $86.05/lb today, aligned with equilibrium in the Chinese market at about ¥592/lb and describing a precise balance between surging long term demand and recovering supply. Investing.com futures data confirm March settlements of $86.50 on March 17, $85.50 on March 18, $84.65 on March 19, and $84.40 on March 20, mapping a gradual retrace from the February $86 to $89 range and the late January about $101.50/lb peak.
Structural context: CarbonCredits and Sprott continue to frame 2026 as a year where financial buyers and utilities are redefining uranium’s price floor, with Sprott’s accumulation having pushed prices above $100 in January and long term demand from new reactors and AI driven power needs underpinning a higher equilibrium. Recent commentary also notes that Uzbek production increases and some supply normalization are capping near term upside, but not reversing the longer term supply deficit.
SEQH Desk View
Today was the cleanest up day for the sector since early March: ASPI plus 16%, SKBL plus 8%, UUUU plus 6%, EU plus 5%, CCJ plus 4%, UEC plus 3.6%, DNN plus 3.3%, URG plus 3.45%, NXE plus 2.0%, SMR plus 2.0%, with the IPP trio and BWXT all sharply higher as well. That breadth, against a spot tape that is flat to slightly higher in the mid 80s, says the equity side is finally starting to mean revert after overshooting the commodity on the downside.
ASPI’s plus 16.25% move, coupled with the recent CEO commentary and investor webinar, reinforces it as the relative strength outlier in the enrichment and isotopes lane. Management is pushing a multi leg growth story across nuclear fuel, semiconductors, helium, quantum, and oncology isotopes, and the market is clearly listening. The flip side is that ASPI remains highly headline and valuation sensitive, as last week’s sharp pullbacks illustrated.
UEC, CCJ, UUUU, DNN, and LEU all bouncing together is exactly what we should expect when uranium holds the mid 80s and the macro selling pressure eases. UEC’s fundamentals have been reaffirmed, CCJ has long term India and utility contracts locked in, DNN has FID in hand, and LEU sits at the enrichment and HALEU bottleneck. The fact that these names were all down 15 to 25% from their late February levels while uranium was only off about 5% created the kind of mispricing that days like today start to correct.
BE’s minus 5.3% shows that the market is still willing to punish the highest valuation, highest beta stories even on an otherwise strong day, especially when they sit at the intersection of AI hype and capital intensive hardware. That is a useful reminder that not all “nuclear plus power” trades are created equal in this tape.