Daily Nuclear & Uranium Market Recap
5/11/26
Daily Nuclear & Uranium Market Recap
Monday, May 11, 2026
1. Market Overview
The nuclear and uranium complex opened the second full week of May with a strong, broad based rally led by producers, juniors, and SMR developers, with 25 of 28 names closing green. The broader market was mixed, with the S&P 500 up 0.21 percent as investors digested the latest developments in US-Iran negotiations. Iran offered to gradually reopen the Strait of Hormuz if the US lifts its blockade on Iranian ships and ports, but President Trump rejected the proposal on social media as “totally unacceptable”, keeping the geopolitical risk premium intact. Oil prices climbed in premarket on the stalled negotiations. The S&P 500 remains up over 15 percent from its March 30 low and near record highs, with Schwab noting that the rally is broadening and Wall Street remains on pace for sharp weekly gains.
Uranium fell to 86.20 dollars per pound on May 8, down 0.06 percent from the prior day, up 0.47 percent over the past month, and 22.70 percent higher year over year. Investing.com’s daily series shows the recent trajectory: 86.55 on May 1, 86.45 on May 4 and 5, 86.25 on May 6, 86.20 on May 8. The commodity has pulled back slightly from the 87.15 April 23 high but remains firmly entrenched in the mid 86 dollar range, consistent with a tight market consolidating near recent highs. The UXK26 May futures contract has a first notice date of May 22, just 11 days away.
MarketBeat’s May 11 nuclear screener names Oklo, NuScale Power, Centrus Energy, X-Energy, and BWX Technologies as the five nuclear stocks to watch. Yahoo Finance’s May 7 feature names NuScale Power, Oklo, and SpaceX as “3 Powerful Nuclear Energy Stocks to Buy in May”.
2. Equity Movers - Leaders
Today’s leadership was exceptionally broad, with producers, developers, SMR, and power names all participating.
ASP Isotopes (ASPI) closed at 6.23 dollars, plus 15.80 percent on 9.8 million shares, blowing through the 5.86 to 6.32 dollar technical buy zone that we have been tracking for weeks . ASPI is now up roughly 47 percent from the April 9 close of 4.23 dollars.
Uranium Energy (UEC) closed at 16.68 dollars, plus 10.03 percent on 10.1 million shares. UEC continues to be highlighted as a top nuclear stock for May with 43.14 percent projected EPS growth.
Bloom Energy (BE) closed at 285.48 dollars, plus 9.37 percent on 11.4 million shares, bouncing back from last week’s pullback. BE remains the flagship AI data center power play.
X-Energy (XE) closed at 32.85 dollars, plus 8.85 percent on 6.0 million shares. MarketBeat continues to flag XE among the top five nuclear stocks to watch.
Ur Energy (URG) closed at 1.88 dollars, plus 8.04 percent on 15.6 million shares.
Uranium Royalty (UROY) closed at 4.32 dollars, plus 7.88 percent on 3.7 million shares, decisively breaking through the 4 dollar handle.
Lightbridge (LTBR) closed at 14.42 dollars, plus 7.37 percent on 1.1 million shares.
Oklo (OKLO) closed at 77.43 dollars, plus 6.79 percent on 17.2 million shares. From the April 9 close of 48.00 dollars, Oklo is now up roughly 61 percent.
Energy Fuels (UUUU) closed at 22.12 dollars, plus 3.46 percent on 14.3 million shares.
NuScale Power (SMR) closed at 13.23 dollars, plus 5.42 percent on 47.6 million shares. Yahoo names SMR as the first of its “3 Powerful Nuclear Energy Stocks to Buy in May”.
SLX AT closed at 6.15 euros, plus 5.31 percent on 510.2 thousand shares.
NexGen (NXE) closed at 12.74 dollars, plus 4.98 percent on 7.9 million shares.
Nano Nuclear (NNE) closed at 28.74 dollars, plus 4.70 percent on 2.9 million shares.
NuClear (NKLR) closed at 5.99 dollars, plus 3.63 percent on 417.8 thousand shares.
Centrus (LEU) closed at 214.50 dollars, plus 3.46 percent on 1.1 million shares.
BWX Technologies (BWXT) closed at 212.01 dollars, plus 3.25 percent on 993.9 thousand shares. MarketBeat includes BWXT in its top five nuclear stocks.
Vistra (VST) closed at 152.34 dollars, plus 3.13 percent on 5.4 million shares.
Cameco (CCJ) closed at 120.34 dollars, plus 3.07 percent on 3.1 million shares.
Denison (DNN) closed at 3.85 dollars, plus 2.94 percent on 26.8 million shares.
enCore Energy (EU) closed at 1.70 dollars, plus 2.72 percent on 4.5 million shares.
Curtiss Wright (CW) closed at 728.58 dollars, minus 0.09 percent, essentially flat.
Skyline Builders (SKBL) closed at 3.35 dollars, plus 1.21 percent.
NuScale AI (NUAI) closed at 5.00 dollars, plus 0.20 percent on 10.4 million shares.
3. Equity Movers - Red Prints
Only three names finished red, and the losses were minor outside of SILXY.
SILXY closed at 21.60 dollars, minus 3.81 percent.
Constellation (CEG) closed at 299.40 dollars, minus 1.39 percent on 6.2 million shares. CEG’s pullback from the 323 dollar high last week may reflect rotation into higher beta names that are rallying more aggressively today.
Talen (TLN) closed at 383.00 dollars, minus 0.87 percent on 622.8 thousand shares, a negligible pullback from last week’s 407 dollar high.
The fact that the only meaningful red was in IPPs (CEG, TLN) while the rest of the complex surged confirms a rotation back into producers and SMR names after several days of IPP outperformance.
4. Uranium Market Backdrop
Spot: Uranium at 86.20 dollars per pound on May 8, down 0.06 percent from the prior day, up 0.47 percent over the past month, and 22.70 percent year over year. Investing.com’s daily series shows a small pullback from the 87.15 April 23 peak through the low 86s, consistent with quiet spot activity: 86.55 on May 1, 86.45 on May 4 and 5, 86.25 on May 6, 86.20 on May 8.
Long term pricing: TradeTech’s long term indicator at 93 dollars per pound (as of March 31, up 6.50 dollars since year end), driven by “historically high forecast nuclear fuel requirements”. ANS confirms the April long term at 90 dollars per pound. Cameco’s March month end long term was 91.50 dollars.
Supply questions: ANS’s May 3 article raised pointed supply questions, noting that despite the strong price outlook, mine production remains well below global reactor requirements and that restarts at mines like Shirley Basin and Kayelekera are slow to translate into meaningful new pounds. The World Nuclear Association counts 440 operational reactors globally, 75 under construction, and 120 planned, requiring roughly 180 million pounds of U3O8 annually versus mine production of approximately 140 million pounds.
Macro and geopolitical: Trump’s rejection of Iran’s Strait of Hormuz proposal keeps the geopolitical risk premium intact, which supports energy broadly and nuclear specifically as the premier clean baseload alternative to fossil fuels. The S&P 500 is up 15 percent from March 30 lows, providing a supportive risk backdrop. Key events this week include inflation data, Trump’s visit to China, and the likely approval of a new Fed chairman.
5. SEQH Desk View
Today was one of the broadest and strongest sessions of the entire rally, with 25 of 28 names green and multiple names posting 8 to 15 percent gains. The move is all the more impressive because the S&P was barely positive at plus 0.21 percent, confirming that this is sector specific buying, not passive beta.
The tape is telling you several things:
The April consolidation is over. After peaking around April 22 to 23 and pulling back for roughly two weeks, the complex has now reversed higher with conviction. Today’s session saw producers (UEC plus 10, URG plus 8, UUUU plus 3.5, CCJ plus 3, DNN plus 3), SMR (Oklo plus 6.8, SMR plus 5.4, NNE plus 4.7, XE plus 8.9), fuel cycle (LEU plus 3.5, BWXT plus 3.3), and satellites (ASPI plus 15.8, BE plus 9.4, LTBR plus 7.4, UROY plus 7.9) all working simultaneously. That is maximum breadth.
ASPI is breaking out. At 6.23 dollars, ASPI has pushed through the 5.86 to 6.32 dollarzone that Cantor and Canaccord flagged as the technical breakout band. The analyst targets of 11 to 13 dollars remain well above current levels. Monitor for follow through above 6.32 to confirm.
Uranium holds the mid 86s. At 86.20 dollars, the commodity is grinding sideways while equities rally, which means the equity complex is re-rating higher relative to the commodity. This is typically what happens when the market starts pricing in the forward price trajectory (TE’s model: 87.50 by quarter end, 92.48 in 12 months) rather than just spot.
The global supply deficit is structural and worsening. ANS and WNA data confirm roughly 180 million pounds of annual reactor demand versus 140 million pounds of mine production, with planned capacity additions only widening the gap.
Positioning framework:
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
Key catalysts this week:
Inflation data (CPI and PPI will move rate expectations and risk appetite)
Trump China visit (potential energy and trade implications)
New Fed chairman approval (likely this week)
Nvidia earnings May 20 (AI capex commentary will move the entire AI power complex)
UXK26 first notice date May 22
The sector is firing on all cylinders. Let the barbell work.
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