One of the forgotten sectors of the energy market is experiencing a rapid rally. Uranium futures rose more than 30% in less than a month, largely due to a sharp increase in purchases of the metal by little-known Canadian company Sprott Physical Uranium Trust. To date, the fund has accumulated over 24 million pounds of uranium. Uranium futures are up 0.5% today, reaching $42.40 a pound. This is the highest level since the beginning of 2013. Uranium, which has commercial uses for nuclear fuel, is in decline since the 2011 Fukushima nuclear disaster. Then this catastrophe led to the abandonment of nuclear power in Germany and a radical revision of their nuclear products by many other countries. Uranium is now on the rise also as a result of record high electricity prices in Europe and much of the United States – partly due to a lack of renewable energy sources. The rise in popularity of uranium has helped revive the concept of nuclear energy as the most reliable low-carbon source of energy. It also means that nuclear generators will be able to more easily handle any increase in fuel costs in the near future.
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