Bank of America Research Sees Uranium at $135/lb, Forecasting 56% Spike by 2026
Bank of America Global Research forecasts uranium averaging $135/lb in H2 2026 and 2027, up 56% from current spot levels as utilities rebuild inventories at $100/lb during a third nuclear build wave. Structural supply bottlenecks, aging mines and $9 billion locked in closed-end funds constrain new production.
1. Uranium Price Forecast
BofA Global Research forecasts uranium prices to average $135 per pound in the second half of 2026 and 2027, marking a 56% increase over current spot levels and signaling robust market momentum.
2. Structural Supply Constraints
Aging mines, lengthy project lead times and a global sulfur shortage for leaching create structural supply bottlenecks that limit incremental production capacity and elevate incentive prices.
3. Utility Inventory Strategies
Utilities are reversing a decade-long drawdown trend by rebuilding inventories at price points near $100 per pound and extending refueling cycles that inflate demand.
4. Investor Participation and Risk Factors
Approximately $9 billion of physical uranium is sequestered in closed-end vehicles, tightening available supply, while geopolitical risks and baseload characteristics support sustained nuclear fuel demand despite macro volatility.