Weekly Report - Aug.01, 2026
Spot Uranium at $80, Equity at 2020 Lows
It was another volatile week across commodity equities, with noticeable weakness sweeping through uranium stocks. As a long-term uranium bull, I welcome these pullback opportunities—and that’s precisely where my focus will be in today’s report for paid subscribers.
On the macro front geopolitical tensions around Iran continue to escalate, it was surreal watching a government official openly admit to managing oil prices. It’s an intervention that’s become increasingly obvious, and one that could potentially backfire in a big way down the road.
Alright, let’s dive into today’s report.
Thoughts from the week
Demand for Uranium
The long-term structural bull case for physical uranium comes down to simple math, and this image tells the entire story.
While Western utilities have spent years under-contracting, global reactor construction is accelerating at a historic pace:
China is leading the charge with 39 reactors under construction, executing a massive, decades-long baseload energy strategy.
Emerging markets like India (8), Russia (7), Egypt (4), and Türkiye (4) are putting real capital behind nuclear to build out zero-carbon, high-reliability power fleets.
Dozens more are actively planned worldwide, creating a multi-decade wave of non-negotiable baseline utility demand.
Once these reactors come online, they require multi-decade fuel supply regardless of price.
The real cost of inflation: Working well past retirement.
It’s easy to say people need to plan ahead and there is of course truth to that, but doing that in a persistent inflationary environment is a completely different reality. When basic living costs keep rising, saving money becomes a luxury many can’t afford, and people get quietly squeezed into debt traps just trying to keep up. Looking at where fiscal policy and inflation are heading, there’s no reason to expect this pressure to ease anytime soon.
The logical end result is that traditional retirement is becoming an out of reach concept for many. With no financial runway and debt accumulating, a huge portion of the workforce won’t have the option to step away in their 60s. They’ll have no choice but to keep working as long as physically possible just to cover baseline expenses.
Oil Storage Situation
The gold line for 2026 shows total U.S. "Big 4" energy inventories—crude oil (including the Strategic Petroleum Reserve), gasoline, distillates, and jet fuel—falling off a cliff compared to prior years and the 5-year average. U.S. stockpiles are draining at a historical pace, meaning real-world physical demand and exports are heavily outstripping supply. With the SPR buffer already depleted from prior releases, there is virtually no government cushion left to offset this drawdown.
Weekly Watchlist
I was genuinely shocked to see one of my absolute favorite uranium plays retreat back to price levels not seen since the March 2020 COVID lows. Seeing a valuation reset of this magnitude on a prime developer while spot uranium continues to trade firm in the $80s feels completely surreal. I took full advantage of this market disconnect and added heavily to my position on the weakness.
Below for paid subscribers, I’m breaking down the exact company behind this setup, and why I see this sell-off as a massive asymmetric opportunity.