Despite starting the year strong with prices trending above US$106 per pound, uranium values have spent much of the last six months contracting.
Justin Huhn, founder and publisher of Uranium Insider, spoke with the Investing News Network on October 4 about what has depressed prices in 2024 and where the energy fuel is likely to go in the months ahead.
“I’ve been following this market for about seven, pushing eight years,” Huhn said. “At this point, I’ve seen a lot of volatility, some screaming rallies, some extremely difficult to handle pullbacks and terrible sentiment on multiple occasions.”
He continued, “You know, we’ve got one or two of these 30 percent to 50 percent pullbacks every single year since I’ve been following this, and this year was no exception. But I would argue that the sentiment in the sector was worse than I’ve ever seen it this summer, which is extraordinary.”
Although prices have slipped around 20 percent since the January highs, they’ve stabilized above US$80 in early October.
The uranium insider expects prices to start moving higher this month. “The US utilities have a new budget, with the beginning of the fiscal year,” he explained
Adding to that positive sentiment, Huhn also noted that the long-term outlook for nuclear and uranium demand is very positive, driven by factors like growth in data center electricity demand, support from major banks and tech companies, and policy initiatives from the US Department of Energy.
Watch the interview above for Huhn’s full overview of the uranium market and his expectations for uranium stocks.
Interview by Charlotte McLeod. Article by Georgia Williams.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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