Daily Nuclear & Uranium Market Recap
5/12/26
Daily Nuclear & Uranium Market Recap
Tuesday, May 12, 2026
1. Market Overview
The nuclear and uranium complex had a broad risk off session following a packed earnings week and a CPI print that landed this morning. The CPI Index (NSA) came in at 333.02 versus a prior of 330.21, while the Core CPI print also reflected persistent inflationary pressure. This pushed yields higher and weighed on high beta growth names across all sectors. Monday’s session had seen the S&P 500 set a new record at 7,412.84 (up 0.19 percent), with the Dow at 49,847 and the Nasdaq at 26,274, both at new all time highs for the seventh consecutive week. Crude oil was at 98 dollars per barrel, gold at 4,746.70 dollars, and Bitcoin at 81,940 dollars.
Investors this week are digesting a heavy nuclear earnings calendar: Vistra, NuScale Power, Energy Fuels, and Oklo all reported this week, with Oklo surging after announcing significant regulatory clearance for the Aurora small modular reactor. However, Vistra did not participate in the Oklo driven rally, and the broader IPP complex sold off today.
Uranium spot remains flat at 86.20 dollars per pound on May 11, with CarbonCredits confirming that quiet spot trading is balancing robust long term fundamentals and that downward pressure is “severely restricted” by Kazatomprom production constraints, Western sanctions on Russian fuel, and aggressive long term contracting by US tech giants securing SMR capacity for AI data centers. The commodity continues to hold the mid 86s in what CarbonCredits describes as a “tightly equilibrated” market.
Cameco reported Q1 2026 results today: the uranium segment delivered 7.8 million pounds of U3O8 during Q1, supported by production of 6.2 million pounds, with EPS beating forecasts. Despite the beat, CCJ sold off 2.96 percent, consistent with a “sell the news” dynamic in today’s broader risk off tape.
2. Equity Movers - Leaders
A small number of names bucked the selloff.
Ur Energy (URG) closed at 1.96 dollars, plus 7.67 percent on 19.6 million shares, leading the tape. URG continues to benefit from the Shirley Basin restart narrative and strong volume, and is now up roughly 24 percent from the April 9 close of 1.58 dollars.
Skyline Builders (SKBL) closed at 3.46 dollars, plus 4.53 percent on 371.0 thousand shares.
SILXY closed at 22.36 dollars, plus 3.52 percent.
Mirion (MIR) closed at 18.96 dollars, plus 2.65 percent on 4.9 million shares, with its usual wide intraday range of 18.12 to 18.96 dollars.
Curtiss Wright (CW) closed at 735.34 dollars, plus 0.93 percent on 270.0 thousand shares.
3. Equity Movers - Red Prints
The majority of the coverage universe was red, with the heaviest selling in SMR and developer names.
NuScale Power (SMR) closed at 12.05 dollars, minus 9.33 percent on 41.0 million shares, the day’s biggest loser. The selloff comes during NuScale’s earnings week and may reflect guidance or execution concerns following the report.
Oklo (OKLO) closed at 72.23 dollars, minus 7.55 percent on 15.5 million shares. Despite today’s drop, Oklo received significant Aurora regulatory clearance this week, which triggered a massive rally earlier in the week. Still up roughly 50 percent from the April 9 close of 48.00 dollars.
Lightbridge (LTBR) closed at 13.14 dollars, minus 7.53 percent on 967.8 thousand shares.
Uranium Energy (UEC) closed at 15.48 dollars, minus 6.01 percent on 9.9 million shares.
Centrus (LEU) closed at 202.36 dollars, minus 5.09 percent on 766.2 thousand shares.
Energy Fuels (UUUU) closed at 21.00 dollars, minus 4.72 percent on 10.2 million shares. UUUU reported earnings this week; Crux Investor’s May update highlighted uranium production growth, domestic terbium oxide production, and the Russian uranium banas key tailwinds.
ASP Isotopes (ASPI) closed at 5.97 dollars, minus 4.02 percent on 5.2 million shares. ASPI pulled back after yesterday’s 15.80 percent surge but remains above the 5.86 to 6.32 dollar breakout zone.
Nano Nuclear (NNE) closed at 27.21 dollars, minus 4.02 percent on 2.2 million shares.
X-Energy (XE) closed at 31.80 dollars, minus 3.96 percent on 4.0 million shares.
Bloom Energy (BE) closed at 280.63 dollars, minus 1.16 percent on 7.5 million shares.
Denison (DNN) closed at 3.71 dollars, minus 3.64 percent on 30.3 million shares.
Vistra (VST) closed at 146.89 dollars, minus 3.39 percent on 4.9 million shares. Investors’ Business Daily noted that Vistra did not participate in the Oklo driven nuclear rally this week and is underperforming the complex.
SLX AT closed at 5.96 euros, minus 3.09 percent.
Uranium Royalty (UROY) closed at 4.23 dollars, minus 2.98 percent on 2.8 million shares.
Cameco (CCJ) closed at 116.58 dollars, minus 2.96 percent on 3.9 million shares. CCJ reported Q1 with 6.2 million pounds produced, 7.8 million pounds delivered, and an EPS beat. The selloff on a beat is classic “sell the news” positioning.
NuClear (NKLR) closed at 5.91 dollars, minus 2.48 percent on 234.8 thousand shares.
enCore Energy (EU) closed at 1.63 dollars, minus 2.40 percent on 3.4 million shares.
NexGen (NXE) closed at 12.37 dollars, minus 2.29 percent on 8.6 million shares.
Constellation (CEG) closed at 293.00 dollars, minus 2.23 percent on 3.8 million shares.
Talen (TLN) closed at 374.90 dollars, minus 2.23 percent on 639.8 thousand shares.
BWX Technologies (BWXT) closed at 206.82 dollars, minus 1.89 percent on 1.2 million shares.
NuScale AI (NUAI) closed at 4.92 dollars, minus 1.60 percent on 5.2 million shares.
4. Uranium Market Backdrop
Spot: Uranium flat at 86.20 dollars per pound on May 11. CarbonCredits describes the market as in “consolidation” with flat spot activity balanced by structurally bullish fundamentals: Kazatomprom constraints, Russian sanctions, and tech driven SMR demand. Trading Economics expects uranium to rise to 87.50 dollars by quarter end and 92.48 in 12 months.
Cameco Q1 production: Cameco delivered 7.8 million pounds of U3O8 in Q1, supported by 6.2 million pounds of production, with EPS beating forecasts. This confirms that the world’s largest Western producer is executing on plan, which is necessary but not sufficient to close the structural supply deficit.
Long term pricing: TradeTech’s long term indicator at 93 dollars per pound (March 31), Cameco’s at 91.50 dollars, and Uranium Spotlight’s April at 90 dollars. All clustered in the 90 to 93 dollar zone.
Price forecasts: The base case from Virtue of Selfish Investing’s December 2025 model projected 95 to 110 dollars per pound by December 2026 (60 percent probability), with a bull case of 120 to 135 dollars (25 percent) and a bear case of 75 to 85 dollars (15 percent). Current spot at 86.20 dollars sits right at the bottom of the base case range, suggesting significant upside if the macro environment cooperates.
UXK26 contract roll: The May 2026 uranium futures contract has a first notice date of May 22, just 10 days away.
5. SEQH Desk View
Today’s session was a classic post earnings and hot CPI selloff: the CPI print pushed yields higher, hot earnings from Oklo and Cameco triggered “sell the news” reactions, and high beta names gave back some of the massive gains from the past month. The pattern is identical to what we saw on April 21 and April 28: dips that look scary in isolation but are completely normal when viewed against the magnitude of the rally.
Key context:
Uranium is holding the 86 dollar handle. At 86.20 dollars, spot remains firm, CarbonCredits describes the market as in “tight equilibrium,” and TE’s models project 87.50 by quarter end and 92.48 in 12 months.
Cameco’s Q1 beat confirms execution. Production of 6.2 million pounds, deliveries of 7.8 million pounds, and an EPS beat demonstrate that the world’s largest Western producer is on track. The selloff on a beat is positioning driven, not fundamental.
Oklo’s Aurora regulatory clearance is a watershed. Investors’ Business Daily confirmed this was the catalyst for this week’s earlier nuclear rally. The Aurora approval advances SMR deployment timelines and has read through implications for NuScale, X-Energy, and the entire advanced reactor stack.
URG’s 7.67 percent gain in a sea of red is notable. Ur Energy is benefiting from the Shirley Basin restart and the domestic production premium created by the Russian uranium ban. When a junior producer rallies while everything else sells off, it suggests company specific buying interest.
Positioning framework (unchanged):
Core: CCJ, UEC, LEU, DNN, UUUU, UROY, BWXT, CEG, VST, TLN, MIR, CW, NXE
Satellites: SMR, Oklo, BE, NNE, ASPI, NUAI, NKLR, EU, SILXY, URG, LTBR, XE, SKBL
Upcoming catalysts:
Nvidia earnings May 20 (AI capex commentary will move the entire power and data center complex)
UXK26 first notice date May 22
World Nuclear Supply Chain conference May 20-21
Ongoing nuclear earnings reactions (Vistra, NuScale, OKLO post earnings flow)
The structural bull case continues to be validated by every fundamental data point: uranium in the mid 80s grinding toward 90, long term pricing at 93 dollars, Cameco producing on plan, Oklo clearing regulatory hurdles, and massive institutional flow into nuclear ETFs. Today’s selloff offers better entry points across the board for those with conviction and time horizon.
Q2 Promo - 20 Percent Off Yearly Paid Substack Membership (For Life)
SEQH Capital Research is offering 20 percent off our yearly paid Substack membership, locked in for life.
Discount: 20 percent off the standard yearly rate
Lock in: Your discounted rate is guaranteed for as long as your yearly subscription stays active
What you get:
Full nuclear and uranium sector coverage, including daily and weekly recaps, deep dives, and tear sheets
Real time desk notes on positioning, catalysts, and risk management
Model portfolio updates, entry and exit bands, and scenario work across the uranium and nuclear stack
To claim the offer, upgrade to a yearly paid membership on our Substack checkout page. The discount will auto apply and remain in place for the life of your subscription.
CLICK LINK FOR Q2 PROMO AND FULL SUBSTACK ACCESS