Russia Temporarily Halts Enriched Uranium Exports to US, Raising Concerns Over Nuclear Fuel Supply

Donald Trump Appoints Liberty Energy CEO Chris Wright to Lead Department of Energy 

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On Nov 16, Donald Trump has selected Chris Wright, the CEO of Liberty Energy and a board member at Oklo, to take on the leadership of the Department of Energy.

as his nominee for Energy Secretary. Wright has extensive experience across nuclear, solar, geothermal, oil, and gas industries and is a vocal advocate for fossil fuels. He has criticized renewable energy subsidies and warned against unrealistic timelines for transitioning away from fossil fuels. Wright’s leadership may result in policies favoring increased fossil fuel production and reduced regulatory hurdles.

The energy sector has been one of the better-performing sectors, alongside financials and utilities, and could remain a key focus in the coming months. For investors holding energy stocks, I suggest maintaining confidence in this sector.

With uncertainties ahead in short term, holding cash is a prudent strategy in preparation of the December rally. 

Meanwhile, Russia's decision to temporarily restrict enriched uranium exports to the US has introduced potential supply risks for utilities operating American nuclear reactors, which produce nearly 20% of the nation’s electricity. 

The Russian government provided no specifics about the nature or duration of the restrictions in its Friday Telegram announcement. However, the impact is unlikely to be immediate, as utilities typically secure uranium supplies well in advance. While most of this year's deliveries are already complete, UxC President Jonathan Hinze noted that a prolonged ban could pose challenges by 2025, potentially leaving some reactor operators without alternative suppliers.

Canada's Cameco Corp., a leading uranium producer, underscored the severity of the situation, warning that the cumulative risks to the nuclear fuel supply chain are considerable.

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