Uranium spot went into backwardation for the first time this cycle. Spot above $100, term at $88.

If you trade commodities, you know how rare that is.

If you don't, it means the market was paying a premium for physical material right now over future delivery.

That almost never happens in uranium.

Since then, spot pulled back to the mid-$80s and everyone moved on. I think that's a mistake.

New piece out today breaking down why this is the most asymmetric setup in commodity markets, and where I see the best risk/reward across the value chain.