Nuclear Update Premium February 7, 2026

This week, index prices held up, but market internals began to weaken. Participation narrowed, leadership split, and price action became less forgiving even as recession risk remained contained. In uranium, the focus shifted back to supply. Kazatomprom, the world’s largest uranium producer, released its 4Q25 operations and trading update. On paper, the report showed higher output and strong sales. In practice, it reinforced why “more supply” on paper doesn’t translate into real comfort for the market.

Fredrik Lundstrom
February 07, 2026