Nuclear

Rising oil prices are reinforcing the case for nuclear power as a stable, low-carbon energy source with predictable costs, while a structural lift in electricity demand—driven by AI and data centre growth,  is adding further momentum. Although nuclear rollout remains gradual, the outlook for uranium is tightening significantly, with demand projected to outstrip supply by a wide margin over the next decade. This growing deficit underpins the early stages of a potential uranium “super-cycle,” with prices expected to move materially higher over time. For these reasons the uranium price and stocks haven’t experienced the sudden surge like oil, gas and coal, but it is bullish in the longer term in our opinion.

• We believe nuclear power is the future, and the current war is only reinforcing our view.