// definition
U3O8
Triuranium octoxide (yellowcake)
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Short definition
The concentrated form of uranium out of the mine, the "yellowcake", the market's reference unit. Uranium is priced in dollars per pound of U3O8, spot and above all long-term (reactor operators' contracts).
risk atlas
Knowledge map
Intuition
U3O8 is the commercial starting point of the nuclear cycle, but not the final bottleneck.
Formula
nuclear fuel = mining + conversion + enrichment + fabricationWhy it matters now
The ore price draws the attention, while conversion and enrichment can become the binding constraints.
Related analyses
- Uranium: deficit and hidden bottlenecksMining, conversion, enrichment, HALEU and AI demand.
- Copper, Hormuz and El NiñoCommodities, energy and supply constraints.
Related guides
- Reading the uranium marketFrom ore to reactor: contracts, conversion and enrichment.
- Reading the oil marketPrices, curve, inventories, OPEC and physical data.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- signals/history.jsonPoint-in-time history of the signals.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
Signals using it
- Energy MonitorMethodology of the energy stress signal.
- Risk DiffRecent change in risk and source freshness.
Primary sources
- U.S. Energy Information AdministrationOil, gas, inventories, production and the Short-Term Energy Outlook.
- Commodity Futures Trading CommissionFutures positioning through the Commitments of Traders.
- World Bank Open Data & OECD DataMacro comparables and commodity prices.