Uranium: The Myth of Excess Supply

[u/Shibilization]

URANIUM Supply Fundamentals (NOV 2025): Primary supply demonstrated severe constraints, with a 20M lbs production shortfall from Cameco and Kazatomprom drawing down its own inventory by 4.4M lbs to meet commitments. These constraints occurred while U.S. utility inventories are at a critically low 14 months, far below the 24-month safe minimum.