Daily Nuclear & Uranium Market Recap
3/26/26
Daily Nuclear & Uranium Market Recap
Friday, March 27, 2026
Market Overview
The nuclear and uranium complex finished the week with a flat to mildly positive session in the face of an unchanged uranium price and ongoing macro churn. Uranium traded flat at $84.30/lb on March 26, unchanged day over day, down 2.60% over the past month, but still 31.00% higher than a year ago, based on CFD pricing that tracks the benchmark market. March uranium futures likewise settled at $84.30 on March 26, with a one month range between $83.50 and $88.30, implying only a 3.6% pullback over the month but a sizable retrace from January’s spike above $100. Structurally, the commodity remains in a mid cycle consolidation phase rather than a downtrend.
Key Equity Movers, Winners
enCore Energy (EU) closed at $1.80, plus 2.27% on 3.2M shares, continuing its modest recovery from early March lows. Year end results showed 655,000 lbs sold at $65.89/lb, about $14.8/lb gross margin, and a strengthened balance sheet via warrant exercises, which remains the fundamental anchor here.
Vistra (VST) closed at $155.18, plus 1.89% on 4.6M shares, and Constellation (CEG) at $300.56, plus 1.82% on 2.5M shares. Theme ETFs recently highlighted nuclear power names like Constellation as key beneficiaries of a 2026 nuclear spotlight, driven by Big Tech pledges to triple nuclear capacity by 2050 and long term power purchase agreements for AI data centers.
Denison (DNN) closed at $3.42, plus 1.77% on 35.1M shares, a constructive session as the stock stabilizes after its Phoenix ISR Final Investment Decision. The FID greenlit roughly $600M in initial capex and aims for first ISR production around mid 2028, shifting DNN from a pure story stock to an execution and funding story.
NexGen (NXE) closed at $11.22, plus 1.26% on 5.0M shares. Longer horizon uranium pieces continue to cite NXE as a high leverage call option on sustained uranium strength for investors comfortable with pre revenue risk.
Ur Energy (URG) closed at $1.43, plus 0.70% on 3.8M shares, a small bounce after prior weakness tied to dilution and poor 2025 margins.
Curtiss Wright (CW) closed at $668.00, plus 0.33%, Talen (TLN) at $324.00, plus 0.27%, and SLX AT at €5.30, plus 0.19%, all essentially flat to modestly positive.
Overall, winners were mostly in the IPP and selective producer cohort, with no panic buying but a clear absence of follow through selling after yesterday’s flush.
Names Under Pressure
Most other uranium, SMR, and isotope names drifted lower:
Uranium Royalty (UROY) closed at $3.32, minus 0.38% on 2.9M shares.
Bloom Energy (BE) closed at $132.90, minus 0.46% on 7.6M shares. Zacks noted this week that BE has been falling faster than the broader market, citing elevated valuation and sensitivity to growth stock rotations following recent AI and data center driven enthusiasm.
Uranium Energy (UEC) closed at $12.96, minus 0.69% on 8.2M shares. This is further digestion of mid March volatility despite a fundamentally strong Q2: $20.2M revenue, $10M gross profit, 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.
Cameco (CCJ) closed at $103.92, minus 0.72% on 3.2M shares. Cameco’s own table still shows February spot at $86.95/lb, up from $65.03 a year earlier, underscoring how far CCJ has de rated versus the underlying commodity since late February.
BWX Technologies (BWXT) closed at $202.50, minus 1.26% on 923.2K shares, retracing part of this week’s run. Zacks just updated its “Best Nuclear Energy Stocks” list and highlighted BWXT’s 28.5% 12 week price gain, 12.7% projected EPS growth, 16.2% projected sales growth, and $7.3B backlog, making it a core buy and hold name despite periodic pullbacks.
Energy Fuels (UUUU) closed at $17.41, minus 1.42% on 8.4M shares; Mirion (MIR) at $17.80, minus 2.47%; Lightbridge (LTBR) at $10.69, minus 2.66%; NuClear (NKLR) at $4.61, minus 2.74%; Nano Nuclear (NNE) at $20.45, minus 3.31%; Oklo (OKLO) at $50.04, minus 3.42%.
LEU closed at $184.26, minus 4.68% on 493.3K shares. Zacks recently pointed to LEU as one of the best positioned uranium names over the long term due to its enrichment and HALEU focus, even though shares have fallen about 19% over three months.
ASP Isotopes (ASPI) closed at $4.35, minus 5.67% on 5.2M shares, extending the retrace after its earlier March surge. MarketBeat flagged ASPI’s gap up start to the week and highlighted a mixed analyst setup (two bullish targets at $11 to $13, one D minus Sell rating), which leaves the stock very sensitive to day to day shifts in risk appetite.
NuScale AI (NUAI) closed at $4.06, minus 5.80%; SILXY at $17.72, minus 7.11%; SMR at $10.20, minus 7.19% on 20.9M shares; and SKBL at $2.95, minus 8.10%. The SMR and AI adjacent pockets remain the most volatile and most sensitive to macro risk off moves.
Uranium Market Backdrop
Spot and futures: Uranium remained flat at $84.30/lb on March 26, unchanged on the day, down 2.60% over the past month, but 31.00% above year ago levels. Investing.com futures data show the same $84.30 settlement for March 26 following $84.30 on March 25, $83.90 on March 24, and $83.50 on March 23, confirming a tight near term range after a pullback from the mid to high $80s seen earlier in March. From a three month perspective, Mar 26 futures are still 3.25% higher than late December, despite dropping sharply from January’s intramonth high of $107.30.
Longer term: YCharts puts the February 2026 average uranium spot at $71.30/lb, up from $69.71 in January and $54.32 a year earlier, a 31.27% year over year gain that establishes a higher structural price deck than 2025. Theme ETFs’ March note emphasized that Big Tech companies, including Amazon, Google, and Meta, signed a pledge this month to at least triple global nuclear capacity by 2050, and the U.S. plus Japan announced a $40B SMR initiative for Tennessee and Alabama, reinforcing the long term demand outlook despite short term price volatility.
SEQH Desk View
Today’s tape says “no new information, but the reset continues.” Uranium at $84.30, flat on the day, down only 2.6 percent on the month and still roughly 31 percent above last year, is consistent with a market consolidating a massive January rally rather than rolling over. Equities reflect that: a bit of strength in EU, VST, CEG, DNN, NXE, URG, and essentially flat CW and TLN, offset by gentle selling in CCJ, UEC, BWXT, UUUU and sharper pressure in LEU, ASPI, NUAI, SMR, and SKBL.
The quality barbell framework keeps working. On one side, nuclear IPPs and BWXT provide cash flow, backlog, and policy supported visibility. On the other, a focused set of uranium and fuel cycle names like CCJ, UEC, LEU, DNN, UUUU, and UROY offers torque to the next leg higher in spot and term pricing without relying entirely on speculative SMR or AI narratives. Given where uranium is holding and the macro nuclear push from tech and governments, the risk reward still favors gradually adding to the quality core on down days rather than chasing the high beta fringe.