US utilities hold contracts covering about 98 percent of their 2026 uranium requirements, but maximum contracted coverage falls to 60 percent by 2030 and 9 percent by 2033, according to a Sprott Asset Management report published on August 18, 2026 that cites the Energy Information Administration's 2025 Uranium Marketing Annual Report.

The chart shows two coverage lines. Maximum coverage, which assumes utilities use the full volume flexibility in existing contracts, runs 98 percent in 2026, 94 percent in 2027, 82 percent in 2028, 74 percent in 2029 and 60 percent in 2030. It drops to 31 percent in 2031 and 25 percent in 2032. Minimum coverage starts at 85 percent in 2026 and reaches 5 percent in 2033.

Pricing reflects the tightening outlook. The uranium spot price ended July 2026 at $86.40 per pound, up 1.61 percent for the month and 5.96 percent for the year to date. The long-term price held at $94 per pound, its highest level in 18 years. Approximately 37 million pounds had been contracted globally in 2026 as of August 10, putting the market on track for a 14th consecutive year of contracting below reactor requirements.

Domestic supply covers a small share of demand. Uranium of US origin made up 7 percent of utility deliveries in 2025, while foreign sources supplied about 93 percent, led by Canada at 32 percent, Kazakhstan at 28 percent and Australia at 15 percent. The US operates 94 reactors with roughly 97 GW of capacity, according to the IAEA figures cited in the report.

Source: Sprott Asset Management - https://sprott.com/insights/on-the-cusp-of-a-new-contracting-cycle/