More bullish signs for uranium investors?

The uranium spot market is rising in February 2023, as US congress looks at a new push to focus on domestic sources of energy and move away from Russian uranium.

It was announced this week that U.S. Senators Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, John Barrasso (R-WY), Ranking Member of the Senate Energy and Natural Resources Committee, and Jim Risch (R-ID) had introduced the Nuclear Fuel Security Act (NFSA).

US Democrat from West Virginia, Sentor Joe Manchin said: “Russia’s war against Ukraine has drastically disrupted energy supply chains around the world, and now is the time to take a hard look at how we source the raw materials necessary to power our nation and develop advanced energy technologies. This bill will help to start that process by directing the Secretary of Energy to establish a program that will expand both our uranium conversion and enrichment capacity to meet our domestic fuel needs.”

Meanwhile, the Spott uranium trust is taking even more supply off the world market, purchasing $1.3 billion of trust units on February 15th 2023.

Spot Uranium prices surged up to around $51.75 a pound late Thursday US time.