Daily Nuclear & Uranium Market Recap
2/3/26
SEQH Capital Research
Daily Nuclear & Uranium Market Recap
February 3, 2026
Executive Summary
Uranium spot closed $96.50/Lbs (-2.77% DoD) but up 17.68% 1M / +32.55% YoY, near 2Y highs on fund buying and DOE fuel chain initiatives. New Earth Resources applauded DOE Nuclear Lifecycle Innovation Campuses RFI to states. Centrus HALEU expansion highlighted as key to U.S. enrichment rebuild. ETFs like URA (+99.5% 1Y) and URNM positioned for $2.7B DOE push.
Model Portfolio Avg: -3.2% (miners resilient, operators pressured).
Uranium Pricing Detail
Spot: $96.50/Lbs (-2.77%).
1M: +17.68%; YoY: +32.55%; 2Y high.
CME Futures (Feb 3): Jan ‘26 $96.80, Feb ‘26 $97.05, Mar ‘26 $97.20 (flattish curve).
TradeTech Jan 28: $100.25/Lbs (+17.3% 1W), largest weekly % gain since Mar 2022; $14.75/Lbs 1W rise.
Drivers: Sprott $200M raise for spot buys (Jun 16 precedent), utilities contracting 5M Lbs U3O8 Oct, term $86/Lbs.
DOE Fuel Cycle Initiatives
New Earth Applauds Nuclear Lifecycle Campuses
New Earth Resources lauded DOE Nuclear Lifecycle Innovation Campuses RFI, inviting states to host full fuel cycle facilities (mining, conversion, enrichment, fabrication, waste).
Initiative: Public‑private partnerships for domestic supply security, SMR/advanced reactors.
Enrichment Rebuild Momentum
DOE $2.7B Awards – Centrus HALEU Focus
DOE $2.7B over 10Y to domestic enrichment vs. Russia (40% global, 30% U.S. pre‑ban).
Centrus $900M task order for HALEU (Piketon, OH expansion). Orano/General Matter also awarded.
ASME: Reduces import reliance; supports AI/data centers, electrification.
ExchangeMonitor: LEU drives current market, HALEU next.
Equity/ETF Performance (Feb 3 Close)
URA: +99.5% 1Y; AUM $2.8B; top CCJ 23.36%, OKLO 10.32%, UEC 6.94%, LEU #6; vol 6.22M avg.
URNM: AUM $2.15B; CCJ 20.38%, UEC 14.10%, UUUU 5.27%; +550% cumulative since inception.
NLR: +75% 1Y on uranium miners riding $100/Lbs breakout.
Zacks/Nasdaq: ETFs capture enrichment/mining upside from DOE $2.7B.
Strategic View
Uranium $96.50/Lbs (+32.55% YoY, 2Y high) amid Kazatomprom +9% 2026 output but DOE campuses/enrichment de‑risk U.S. chain. URA/URNM/NLR best vehicles; LEU/CCJ core holdings.
SEQH Reco: Buy URA (uranium breadth), LEU (HALEU), CCJ (supply leader). Uranium $130/Lbs2026 (BofA).