• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Iran Ready For OPEC Oil Deal Extension

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

2 Red Flags For The World’s Top Shale Play

2 Red Flags For The World’s Top Shale Play

Changing legislation and taxation for…

Frik Els

Frik Els

Frik Els is editor for MINING.com in Vancouver, BC. Frik has been writing on business for the past 15 years covering the resource industry, investment, autos,…

More Info

Uranium Price Building On Gains

Uranium Price Building On Gains

The uranium market had a lot going for it at the start of 2014, including the prospects of a Japanese nuclear reactor restart that now, at least partially seems to be close.

The end of the Russia-US megatons to megawatts program last August, eliminating a huge source of supply was also supposed to support the market that had been in a long-term decline since hitting all-time highs of $135 in 2007 and was devastated after the Fukushima disaster in 2011.

China's plans to approve six to eight plants a year through 2020 – part of its war on pollution – is still being worked at but so far the uranium price has shrugged all good indicators sliding to $28 a pound earlier this year, levels last seen in 2005.

That dragged the long term price, where most uranium business is conducted, down to $44, a six year low, where it continues to languish.

Haywood Securities in a new research note reports that the turnaround in the spot U3O8 price is gaining momentum, jumping 4.3% to $30 a pound this week.

The broker's average price tracked by the Vancouver-based independent investment dealer with $5 billion under management has enjoyed eight straight session gains, adding nearly 8% to $30.88.

Volumes in the spot market remain subdued however, and Haywood points out that purchases over the last three quarters appear to be entirely discretionary.

After an early 2014 run-up uranium stocks entered a sharp correction in March, but with many shares in the sector now lagging the spot price Haywood says it's "watching equities to stabilize and perhaps find some soft support."

Way to early to for uranium stock investors to rejoice, but at least a bottom seems to be forming.

By Frik Els of Mining.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News