Uranium crossover has occurred

Some time over the past day or so, the uranium crossover has occurred. I define it as the point where one pound of uranium costs more than one barrel of crude oil. Crude oil is now $58.57 per barrel. Uranium ore, U308, is now $60.00 per pound. The spot price of U308 is updated once a week. Over the past week, the price went up by $4.

I have brought up this possibility before. But it has occurred at a different price than I have expected.

I have a spreadsheet that says that 1 pound (0.45 kg) of uranium contains as much energy as 12,847 barrels of oil. Therefore, uranium remains under-valued.

The "nuclear-powered" portion of my portfolio (roughly 1/3 of the total) is doing well. I will continue to invest in good uranium mining companies.

(2006-11-01 23:08:05 SGT) [Energy] Permalink

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