While the uranium space was relatively quiet for most of September ahead of the release of Q3 updates, the oil and gas market has been a hotbed of activity.
The month started with the U3O8 spot price sitting at US$25.30 per pound, and it remained rangebound over the four week term.
Brent crude was trading at US$56.88 per barrel at the beginning of September, but spiked to US$67.68 mid-month. The West Texas Intermediate (WTI) story was similar — it started the period at US$55.10 per barrel and shot up to US$62.90 on September 16.
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Uranium in September
In the uranium sector, much of the focus this past month has been on tensions between the US and Iran. Concern has been mounting about the quantity and grade of uranium that is being enriched in Iran.
The country has threatened to stockpile higher-grade uranium if the US continues to ratchet up sanctions against the country, which have impacted its oil exports.
Washington has refused to budge on sanctions, and even went as far as to blame Iran for drone attacks on Saudi Arabia’s oil sector early in the month.
There has been some renewed hope in recent days, with reports stating that US President Donald Trump may be receptive to signing a new nuclear deal led by UK Prime Minister Boris Johnson.
In May 2018, the US pulled out of the 2015 Joint Comprehensive Plan of Action, which was signed by former US President Barack Obama and several EU nations.
The deal saw sanctions eased against Iran in return for increased monitoring of its nuclear program, as well as several other caveats around enrichment, stockpiling and centrifuge types.
Throughout the month, the Investing News Network spoke with a number of uranium miners, analysts and sector…