The enriched uranium market is all at sea

The Atlantic Action II is stuck in limbo far from the ocean after which it was named. Five days after Russia imposed tit-for-tat restrictions on exports of enriched uranium to the US, the 14-year old vessel remains anchored outside the port of Saint Petersburg, its crew presumably unsure whether the radioactive cargo they were due to collect for a US-based client can still be shipped. Moscow’s new measures, announced on Friday, come with caveats.

Years’ worth of enriched uranium inventories held by US utilities explain the past week’s relatively muted price action, according to analysts. “Flow from stockpiles is a feature of this market; no other commodity trade’s total supply is so dependent on its inventories,” says Tom Price at Panmure Liberum.

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