Oil market battles persistent headwinds

2025 saw oil prices fluctuate between highs of US$81.86 (Brent) and US$78.99 (WTI) and lows of US$59.41 and US$55.56, respectively, as the energy market served as a barometer of global political and trade tensions.

“Throughout the year, prices have continued the downtrend they began in April (2024) as OPEC+ continued to hike output and China’s economy continued to struggle under the weight of a flailing property sector, downbeat consumer confidence, overindebted local governments and flagging external demand,” he added.

While the oil market isn’t new to volatility, this year proved different as US President Donald Trump’s on-again, off-again tariffs infused global uncertainty into the energy market.

“We can see that Trump’s ‘Liberation Day’ tariffs pushed prices down to a level from which they’ve not recovered from, barring a spike in June as a result of the 12 day Iran-Israel war,” said Cunningham.

“Since then, Brent crude oil prices have continued to fall as OPEC+ caught the market off guard with its aggressive output hikes, which were designed to win back market share from non-cartel producers.’

Demand growth, underinvestment reshape oil outlook

Meanwhile, OPEC is approaching full production capacity, with Saudi Arabia being the main exception.

“Even though people are talking about lots of supply, demand is still growing,” Schachter said, noting that global oil demand rose roughly 1.3 million barrels per day in 2025 and is expected to increase by about 1.2 million in 2026.

New supply additions are limited, he explained, mentioning Guyana’s offshore discoveries by ExxonMobil (NYSE:XOM), some output from Brazil and minor contributions from Canada.

“Most basins are tired, and not enough money is being spent to bring on production,” Schachter said, predicting that global inventory drawdowns in 2026 will support higher prices.

Despite lack of investment at the exploration level, FocusEconomics panelists are forecasting a rise in both oil and gas supply in 2026 fueled by output growth at existing operations.

Cunningham pointed to organizations like the EIA and International Energy Agency (IEA), which “hiked their forecasts in recent months in response to OPEC+ increasing output unexpectedly fast and the recent surge in demand for US LNG.”

“The real question is not if oil and gas production will increase, but by how much,” said Cunningham.

A ramp up could be curtailed by geopolitical disruptions, he went on to note.

“Recent frictions between members of the OPEC+ cartel will persist, with Russia likely to favor lower production levels given US sanctions and countries like Saudi Arabia and the United Arab Emirates eager to push production higher given their excess capacity and desire to win back market share from non-OPEC+ producers,” he said.

“Moreover, countries like Kazakhstan and Iraq continue to overshoot their quotas, and in late 2023 Angola left the cartel due to disputes over its allowed production level.”

Transport and petrochemicals driving oil demand

Global oil demand is expected to rise in 2026, driven primarily by transportation fuels and petrochemical feedstocks.

Gasoline is projected to lead the increase, supported by recovering air travel and road mobility, while diesel and other products also contribute. Non-OECD regions, particularly China and India, will account for most of the growth, with expanding petrochemical capacity in major economies boosting crude-derived feedstock demand.

Overall, transport and industrial activity remain the key engines behind the expected rise in oil consumption.

“Our panelists see world oil production rising 1.1 percent in 2026 as non-OPEC+ countries such as Guyana and the US hike output,” said FocusEconomics’ Cunningham.

LNG expansion fuels gas growth

Similar to the trajectory for oil, natural gas demand is expected to rise in 2026 as global consumption rebounds and LNG exports expand sharply. “The IEA (is) estimating growth at around 2 percent with consumption at an all-time high on higher demand in the industrial and electricity sectors,” said Cunningham.

Rising LNG supply — with new export capacity coming online in the US, Canada and Qatar — is projected to support stronger import growth, particularly in Asia, where demand is expected to rebound after a 2025 slowdown.

“Asia is hungry for LNG; the IEA estimates the region’s natural gas demand will rise over 4 percent in 2026, with LNG imports up by 10 percent,” the expert said. Increased use of natural gas in power generation and industrial sectors will also contribute to growth, helping push global gas demand toward a new peak next year.

“Of course, these forecasts could change quickly if the world economy or the oil and gas sector is subject to further shocks, which is why we recommend regularly checking the latest forecasts that are available,” Cunningham added.

Further ahead, Schachter argued that rising global power needs will underpin long-term demand for natural gas, particularly as alternatives struggle to scale. Aging power grids are another constraint. Much of the world’s electricity infrastructure has not been meaningfully upgraded, and expanding capacity will require major investment in transmission — driving demand for copper, steel and aluminum alongside new generation.

Against that backdrop, Schachter sees LNG as central to meeting near- and medium-term power needs.

“The demand for LNG is the story,” he said, adding that natural gas is increasingly viewed not as a temporary transition fuel, but as “the most efficient, from a climate and environmental point of view.”

He also highlighted Canada’s advantage as producers invest heavily in emissions-reduction technologies, including methane mitigation. That positioning could make Canadian LNG more attractive to import-dependent nations such as Japan and South Korea.

While new supply from Qatar and the US will add capacity, Schachter cautioned that LNG development is rarely linear, pointing to Canada’s decades-long path to its first operating export terminal. Despite inevitable delays and short-term imbalances, he said the long-term outlook remains clear: “The industry’s fundamentals are very, very positive.”

Cunningham also pointed to increased output from the US and Qatar as key areas to watch in 2026.

“The big Qatari and US LNG projects will help natural gas prices converge globally — our Consensus Forecast is for the percentage difference between US gas prices (which tend to be lower due to huge domestic production) and those in Asia and Europe to ease to the lowest level since 2020, the year the pandemic sent gas demand plummeting,” said Cunningham, adding, “In short, record US LNG shipments will send up prices at home and lower them abroad.”

Cunningham went on to explain that unlike oil, in the natural gas market there tends to be more price divergence between regions as natural gas is harder to transport over large distances. Oil can be poured into a barrel and shipped, whereas natural gas first needs to be liquified if it’s to be sent overseas. Greater LNG capacity will help bridge this gap.

Oil and gas price forecast for 2026

Schachter expects WTI to average over US$70 in 2026, with Brent around US$73 to US$74.

He anticipates some volatility early in the new year, saying that in Q1 he expects trading to be “still sloppy between US$56 and US$66,” before prices rise in Q2 to US$62 to US$72. From there, he sees prices reaching US$68 to US$78 in the year’s third quarter as inventories tighten and market fundamentals assert themselves.

“People think we’re going back to US$80 today. US$58 oil — it ain’t going to US$80. But when the industry is in rational supply and demand, prices climb, especially when inventories draw down quickly,” Schachter said, recalling the 2008 peak in oil prices near US$147 during extreme supply shortages.

Looking at the year ahead, FocusEconomics expects the trends of 2025 to continue.

“Average Brent crude oil prices will ease further to a post-pandemic low, while US natural gas prices will increase to the highest average level since 2014 barring 2022’s Russia-Ukraine-war-driven spike,” said Cunningham.

“OPEC+ is set to continue raising output — after a pause in Q1 2026 — and the global economy should slow as the boost from export front-loading ahead of US tariff wanes.”

1. North Shore Uranium (TSXV:NSU)

Year-to-date gain: 637.5 percent
Market cap: C$22.17 million
Share price: C$0.295

North Shore Uranium is an exploration company focused on advancing uranium assets in established North American districts. Its core projects include the Falcon and West Bear properties along the eastern margin of Saskatchewan’s Athabasca Basin in Canada, complemented by a growing presence in the Grants uranium district of New Mexico, US.

The company is also evaluating additional exploration opportunities in the United States and Canada as it builds a diversified uranium project portfolio.

In June, North Shore penned a binding term sheet to acquire an up to 87.5 percent interest in the Rio Puerco uranium project in Northwest New Mexico from Resurrection Mining. The project hosts a historical inferred mineral resource estimate, released in 2009, of approximately 11.4 million pounds of U3O8 from 6 million metric tons of ore grading 0.09 percent U3O8 equivalent.

Subsequently, on August 28, the company officially entered into a definitive option agreement for the acquisition and closed a C$1.4 million private placement. On September 11, the company announced it staked 27 additional mining claims at the Rio Puerco project, bolstering its holdings in the area to 64 adjoining Bureau of Land Management claims.

As for its projects in Canada, in an October press release North Shore announced the completion of a prospecting program at its Falcon property, during which crews evaluated 18 priority targets for surface expression and anomalous radioactivity, collecting samples to support further exploration.

Later in the month, North Shore fulfilled its final earn-in requirement at the West Bear property, issuing C$50,000 shares to Gem Oil to secure the right to acquire a 75 percent interest in the project.

Shares of North Shore Uranium rose to a year-to-date high of C$0.29 on December 15, a few days after the company launched a C$3 million private placement on December 11.

Looking ahead, the company is planning a drill program at the Rio Puerco uranium project during H1 2026.

2. Energy Fuels (TSX:EFR)

Year-to-date gain: 156.12 percent
Market cap: C$4.76 billion
Share price: C$19.26

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

Company shares reached a year-to-date high of C$36.84 on October 14, 11 days after Energy Fuels closed its US$700 million offering of 0.75 percent convertible senior notes due 2031, which was upsized after initial purchasers exercised their option to purchase a further US$100 million in notes.

In a Q3 report released on November 3, the company underscored a rise in uranium sales, as its low-cost US production continued to outperform, putting the miner on track to exceed its 2025 guidance.

The firm also advanced its rare earth ambitions, producing 29 kilograms of dysprosium oxide in pilot runs through September, with terbium oxide next in line.

The October US$700 million convertible note offering strengthened the balance sheet, lifting working capital to nearly US$1 billion and raising the effective conversion price to US$30.70 per share.

3. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 150 percent
Market cap: C$49.57 million
Share price: C$0.375

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of the Athabasca Basin, in Saskatchewan, Canada, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the Moonlite project.

Stallion’s share price shot upward on July 8 after the company announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. It closed the acquisition on November 12.

In early September, Stallion Uranium closed the final tranche of a non-brokered private placement, raising gross proceeds of C$10.49 million. The financing included 22.3 million non-flow-through units and 30.1 million flow-through units, both priced at $0.20 per unit.

Stallion’s shares registered a year-to-date high of C$0.51 on September 16.

According to an October statement, Stallion planned to start a high-resolution ground time domain electromagnetic survey on Coyote on November 1, but it has not yet released a further update on the survey.

The company announced a further private placement on December 12, this one consisting of flow-through shares for gross proceeds of C$4.55 million at a price of C$0.45 per share.

4. District Metals (TSXV:DMX)

Year-to-date gains: 139.51 percent
Market cap: C$165.24 million
Share price: C$0.97

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world’s largest undeveloped uranium deposit.

Shares began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

District spent 2025 advancing its four uranium projects through a series of targeted surveys. A helicopter-borne mobile magnetotellurics (MobileMT) program wrapped up at the flagship Viken property in June, followed by drone-based radiometric and magnetic surveys at Ardnasvarre, Sågtjärn and Nianfors in July.

Early September results at Sågtjärn and Nianfors were strong enough for the company to seek expanded licenses. Later that month, new MobileMT data from Viken revealed large low-resistivity anomalies both within and beyond the known deposit footprint, pointing to potential for additional uranium deposits.

Shares of District rallied to a year-to-date high of C$1.53 on October 15, the day the company released the results of its radiometric and magnetic survey at the Ardnasvarre property, which identified strong and large anomalies associated with uranium polymetallic occurrences.

District also reported fresh momentum at its alum shale properties after completing airborne MobileMT surveys across the Österkälen, Tåsjö and Malgomaj licenses this summer.

The first batch of results, released in late October, outlined a significant new geophysical anomaly at its wholly owned Österkälen license. District has already applied for an adjacent mineral license to capture the anomaly’s northwestern extension. The Österkälen area lies roughly 100 kilometers northeast of the company’s flagship Viken property.

In subsequent announcements, District reported the discovery of high priority targets at the Tåsjö alum shale property, and of large, robust targets at the Malgomaj alum shale property, both of which led the company to file applications for adjacent mineral licenses.

In early November, District Metals welcomed a landmark decision in Sweden when Parliament voted to repeal the country’s 2018 moratorium on uranium exploration and mining.

The new legislation, set to take effect January 1, 2026, opens the door for renewed development in a nation that holds roughly 27 percent of Europe’s known uranium resources.

5. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 113.64 percent
Market cap: C$38.01 million
Share price: C$0.47

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Saskatchewan’s Athabasca Basin.

In January, Purepoint strengthened its relationship with IsoEnergy (TSX:ISO,NYSEAMERICAN:ISOU) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares. The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in the Athabasca Basin, including the Dorado project.

As for Q3, the company closed the final tranche of a C$6 million private placement on September 5.

Later in the month, Purepoint released partial assay results from the Dorado project for one hole from its 11 hole drill program. The drill hole returned the most significant intervals to date, according to the company, with one interval of 2.1 meters grading 1.6 percent U3O8, including 0.4 meters at 8.1 percent, as well as another interval of 4.9 meters at 0.52 percent. The company has since dubbed this the Nova discovery

Purepoint ended September by launching its inaugural drill program at the Tabbernor project, located on the southeastern edge of the basin. The program, which concluded in November, targeted a 60 kilometer long corridor of graphitic conductors with five first-pass diamond drill holes. The Tabbernor findings will be combined with the company’s ongoing regional interpretation work to prioritize next targets.

Shares of Purepoint registered a year-to-date high of C$0.80 on October 14 as uranium prices rose.

In early December, Purepoint and IsoEnergy approved an expanded 2026 exploration program at the Dorado project following the previously released strong drill results, which Purepoint said confirm ‘a steeply dipping, uranium-bearing structure that remains open in all directions.’

The joint venture will prioritize the northeastern extension of the Nova discovery while advancing other high-potential zones across Dorado.

FAQs for investing in uranium

1. Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future

Publish date: September 16, 2025

In September, the Trump administration zeroed in on its plan to reduce uranium reliance on Russia.

A report by Bloomberg outlined that Russia still accounts for approximately a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.

Secretary of Energy Chris Wright said that the Department of Energy was working to reduce that dependence by rebuilding domestic uranium and enrichment supply chains.

The concept of a federal uranium reserve dates back to 2020, when the first Trump administration sought US$150 million to begin direct purchases from US producers, though Congress approved only half the amount.

Supply concerns sharpened after Russia briefly restricted uranium exports to the US in late 2024, underscoring Washington’s exposure to geopolitical risks.

A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028, with future stockpile levels expected to rise in line with new reactor construction, including small modular reactors.

“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said, adding that the US needs significantly more domestic uranium and enrichment capacity.

2. China Achieves World’s First Thorium-to-Uranium Conversion

Publish date: November 6, 2025

China marked a milestone in 2025 by converting thorium into uranium inside a working molten salt reactor.

The experimental thorium molten salt reactor, developed by the Chinese Academy of Sciences’ Shanghai Institute of Applied Physics in the Gobi Desert, is the first in the world to demonstrate stable thorium-based fission.

The reactor has been operating since reaching first criticality in October 2023 and has now produced data confirming the conversion of thorium-232 into uranium-233, a fissile material capable of sustaining a nuclear chain reaction.

Unlike conventional reactors that use solid uranium fuel rods, the system relies on liquid fuel dissolved in molten fluoride salt, allowing continuous refueling and stable heat generation without shutting down operations.

3. Uranium Energy’s Sweetwater Project Fast Tracked Under Trump Initiative

Publish date: August 6, 2025

In August, Uranium Energy’s (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming was designated for expedited permitting under the Trump administration’s FAST-41 initiative. The initiative is part of a broader strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.

The Sweetwater complex, located in Wyoming’s Great Divide Basin, is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and annual output of 4.1 million pounds.

The site previously included several permitted mines — Sweetwater (Red Desert), Big Eagle and Jackpot (Green Mountain) — and will now be evaluated for in-situ recovery mining, a lower-impact extraction technique.

The new permitting push will allow the company to modify existing approvals to incorporate in-situ recovery capabilities both within and beyond the current mine boundary, including on adjacent federal lands.

Sweetwater is the second uranium project to receive fast-track treatment under the policy, following Anfield Energy’s (TSXV:AEC,NASDAQ:AEC) Velvet-Wood project in Utah, which received the status in May.

4. Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project

Publish date: February 28, 2025

In February, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) had scheduled public hearings for its Wheeler River uranium project in Saskatchewan.

The hearings were scheduled for October 8 and December 8 to 12, and according to the company would represent the final stage in the federal environmental assessment process. Denison holds an effective 95 percent interest in Wheeler River, the largest undeveloped uranium project in the Eastern Athabasca Basin. If approved, the company expects to begin site preparation and construction for its Phoenix in-situ recovery uranium project in early 2026.

In its Q3 report, released on November 6, Denison said the first part of the hearing was complete, and that it was expecting a decision from the CNSC in early 2026 after part two of the hearing.

5. Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows

Publish date: October 2, 2025

Possibly the biggest uranium news in Australia in 2025 was Western Australia’s move to consider lifting its ban on new uranium licenses. In October, ahead of an energy-focused trade mission to China and Japan, Premier Roger Cook signaled the policy might be under review as part of broader strategic development considerations.

China, Western Australia’s largest trading partner, accounts for more than half of the state’s exports.

While the state’s three existing uranium mines continue to operate under previously approved permits, no new developments have been allowed since the ban was put in place in 2017. Cook emphasized that Western Australia intends to respect legal mining leases, while exploring future opportunities.

He also stressed that any change to the uranium policy would likely depend on a “significant shift” in global markets, while the state continues to monitor existing permit holders and potential future projects.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$90,250.03, down by 2.6 percent over 24 hours. It has extended its bullish tone this week as markets absorbed the US Federal Reserve’s interest latest rate cut and reassessed risk sentiment across assets.

Bitcoin price performance, December 12, 2025.

Chart via TradingView.

The Fed has now cut rates three times in three months, bringing the target range down to 3.5 to 3.75 percent.

Bitcoin dipped to US$89,000 to US$90,000 lows at the US market open, echoing post-Fed pullback patterns noted by Santiment across all three cuts since September.

Ether (ETH) was priced at US$3,084.18, down by 5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$2, down by 2.1 percent over 24 hours.

• Solana (SOL) was trading at US$131.52, down by 4.2 percent over 24 hours.

Fear and Greed Index snapshot

Open interest eased, while US$3.1 million Bitcoin and US$3.92 million Ether long liquidations signaled deleveraging. A neutral relative strength index and low funding rates kept positioning balanced post-expiry.

CMC’s Crypto Fear & Greed Index continues to hold firm in fear territory, remaining firmly risk-averse on Friday and staying at 29 for a second consecutive day. Despite Bitcoin’s recent upward trend and stabilization at the US$92,000 mark, investors continue to exercise caution after a volatile fourth quarter, reinforcing the view that traders remain reluctant to take on aggressive positions despite improved liquidity conditions elsewhere.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Bessent prepares policy shift on crypto regulation

US Secretary of the Treasury Scott Bessent is preparing a major policy letter that would direct the Financial Stability Oversight Council (FSOC) away from its post-2008 focus on tightening rules and toward re-evaluating whether existing regulations hinder growth. The draft letter, obtained by CNBC, says the FSOC will begin assessing whether certain oversight measures “impose undue burdens” that may undermine stability by limiting innovation.

The FSOC, originally created to prevent another financial collapse, coordinates oversight between the Fed, the SEC, the Commodity Futures Trading Commission (CFTC) and other agencies.

If finalized, the policy would empower agencies to roll back or revise rules deemed outdated or overly restrictive.

OCC approves US trust bank approvals

The Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charters for Circle’s (NYSE:CRCL) First National Digital Currency Bank and the Ripple National Trust Bank. The OCC also endorsed transitions for existing state charters held by Paxos Trust Company, BitGo Bank & Trust and Fidelity Digital Assets.

With these approvals, the firms can now operate nationwide under federal oversight, enhancing stablecoin issuance and digital asset services like custody.

Pakistan clears Binance and HTX to begin licensing process

Pakistan has granted initial clearance for Binance and HTX to set up local subsidiaries and begin preparing applications for full digital asset exchange licences.

The Pakistan Virtual Assets Regulatory Authority issued “no objection certificates” after reviewing each platform’s governance, compliance structures and risk controls, though the approvals stop short of permitting trading activity.

The certificates also allow both companies to register on Pakistan’s anti-money-laundering system and begin establishing regulated local entities ahead of a forthcoming licensing regime.

Pakistan Virtual Assets Regulatory Authority Chair Bilal bin Saqib said the phased model will admit only platforms that meet strict global standards on anti-money-laundering and counter-terror financing.

Pakistan, one of the world’s largest crypto markets by retail activity, is simultaneously developing a Virtual Assets Act, while coordinating with US-based World Liberty Financial on digital infrastructure proposals.

Phantom integrates Kalshi prediction market

Phantom has integrated Kalshi’s regulated prediction markets, allowing in-app trading on events like elections, sports, crypto trends and macroeconomics using Solana or its CASH stablecoin.

Users can access live odds, notifications, tokenized positions and community chat without external accounts, leveraging Kalshi’s CFTC oversight and recent high volumes.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$85,873.25, down by 3 percent over 24 hours.

Bitcoin price performance, December 15, 2025.

Chart via TradingView.

A bruising bout of weekend volatility pushed Bitcoin to a two week low near US$87,500 amid thin liquidity. Buyers emerged early on Monday to briefly lift prices toward the US$89,500 to 89,700 range, but both DeFi and traditional markets slipped in early trading after Greg Jensen, co-CIO of hedge fund giant Bridgewater Associates, issued a client note warning that Big Tech’s heavy reliance on external capital for artificial intelligence (AI) investments has entered a “dangerous” phase, amplifying AI bubble fears and exacerbating last week’s tech selloff into Monday.

Bitcoin fell to lows around US$85,400, and the global crypto market cap saw a 24 hour decrease of 3.2 percent.

In a post on X, veteran trader Peter Brandt highlighted that Bitcoin’s advance has fractured after failing to hold support following October highs. He warned that this breakdown could trigger “exponential decay” since each bull cycle has yielded smaller gains. Based on historical precedents, Bitcoin could see a drop to US$25,000.

Ether (ETH) was priced at US$2,930.31, down by 5.1 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.89, down by 5.2 percent over 24 hours.

• Solana (SOL) was trading at US$125.43, down by 3.6 percent over 24 hours.

Crypto derivatives and market indicators

Bitcoin futures open interest rose slightly to US$59.63 billion, while Ether open interest dipped to US$38.2 billion, signaling modest Bitcoin accumulation amid Ether caution.

Heavy long liquidations confirm capitulation selling pressure. Positive funding rates show some bulls hanging on despite pain, but a relative strength index of 27.03 marks extreme fear, historically preceding sharp reversals in crypto.

Elevated Bitcoin funding rates reflect pricier long bias persisting, but decay could accelerate if shorts pile in.

Overall market sentiment skews fearful, with Bitcoin holding firmer than Ether.

Today’s crypto news to know

Strategy expands Bitcoin holdings amid price slump

Michael Saylor’s Strategy (NASDAQ:MSTR) announced on Monday that it has acquired an additional 10,645 BTC for US$980.3 million, paying an average price of $92,098 per coin.

That brings Strategy’s total holdings to 671,268 BTC. “As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin,” the company said in an X post.

JPMorgan launches tokenized money market fund

JPMorgan Chase’s (NYSE:JPM) US$4 trillion asset management arm is launching its first tokenized money market fund, the My OnChain Net Yield Fund, on the public Ethereum blockchain. The fund runs on JPMorgan’s Kinexys platform as a private placement under Rule 506(c), targeting institutions via the Morgan Money trading system.

“Active management and innovation are at the heart of how we deliver new solutions for investors navigating today’s financial landscape,” said George Gatch, CEO of JP Morgan Asset Management. “By harnessing technology alongside our deep expertise in active management, we’re able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals.”

Bitget launches TradFi private beta for traditional assets

Monday saw Bitget announce the private beta launch of Bitget TradFi, a new feature enabling crypto users to open bets on traditional assets using the stablecoin USDT. Fees start at US$0.09 per lot.

Positions will be margined and settled in USDT, eliminating the need for separate brokers or currency conversions, with up to 500x leverage, a tight spread and regulation by Mauritius’ Financial Services Commission.

“The shift in wealth management is happening now, assets that were previously only available on certain niche markets are now on Bitget,’ said Gracy Chen, CEO of Bitget, in the company’s announcement

‘This is historic; crypto, stocks, gold, forex and commodities now coexist under a single system. This is what a universal exchange merging wealth management under a roof looks like; it’s now present-day finance.’

UK moves to place crypto firms under full regulation

UK officials are preparing legislation that would move crypto companies fully inside the country’s financial regulatory framework. According to the Guardian, the plan involves putting crypto service providers under regulation like other financial firms, subject to the Financial Conduct Authority’s rules on consumer protection, governance, transparency and market conduct. Treasury officials say the shift is meant to close longstanding gaps as crypto activity becomes more entwined with mainstream finance rather than operating at the regulatory edges.

Legislation is expected by October 2027 to give firms time to adjust to the more demanding compliance environment.

If enacted, the move would mark a structural change for UK-based crypto startups, which until now have largely operated without full product-level regulation.

HashKey prices Hong Kong IPO at top end at US$206 million

HashKey Holdings, Hong Kong’s largest licensed crypto exchange, is set to raise about US$206 million after pricing its initial public offering near the top of its marketed range, according to a source familiar with the deal.

The company priced shares at 6.68 Hong Kong dollars, valuing the exchange operator as it prepares to debut on the Hong Kong Stock Exchange on Wednesday (December 17). HashKey operates across trading, asset management, brokerage and tokenization, and runs the city’s biggest regulated crypto exchange.

While Mainland China continues to warn against crypto speculation, Hong Kong has taken the opposite approach, positioning itself as a regulated gateway for digital finance.

North Korean hackers drain wallets using fake online meetings

North Korean cybercrime groups are using fake Zoom (NASDAQ:ZOOM) and Microsoft (NASDAQ:MSFT) Teams meetings to steal crypto, draining more than US$300 million through the tactic so far, according to security researchers.

According to CryptoNews, the scam typically starts with a message from a compromised Telegram account that appears to belong to someone the victim already knows. Victims are then invited to what looks like a legitimate video call, complete with convincing video feeds that are actually pre-recorded footage.

During the call, attackers claim there is an audio problem and send a supposed software “patch” that installs malware. The malware can extract passwords, private keys and internal security data, allowing attackers to empty crypto wallets.

Global crypto thefts have already surpassed US$2 billion this year, with North Korea-linked groups remaining among the most active and sophisticated actors in the space.

Strong reactor growth — not AI hype — to drive long-term demand

In 2024, worldwide uranium production met 90 percent of global demand, with the remaining 10 percent likely made up of stockpiled material. At the same time, global nuclear expansion is accelerating quickly, according to the latest World Nuclear Association outlook. From 398 gigawatts electric (GWe) of installed nuclear capacity this past June, the organization’s reference scenario shows capacity nearly doubling to 746 GWe by 2040.

More aggressive growth could push that figure to 966 GWe, while a slower buildout still reaches 552 GWe.

This rapid growth has major implications for uranium demand.

Reactors are expected to consume about 68,900 metric tons (MT) of uranium in 2025. By 2040, requirements will more than double to just over 150,000 MT in the reference case, and could exceed 204,000 MT in the high-growth scenario. Even the low case sees demand topping 107,000 MT, underscoring the sector’s long-term structural pull on supply.

On that note, Lobo Tiggre, CEO of IndependentSpeculator.com, cautioned investors not to lose sight of uranium’s core driver — dependable, round-the-clock electricity.

“The use case is baseload power,” he said. “There’s no substitution, and the world is building like gangbusters.”

He argued that data center construction and electric vehicle (EV) adoption are just an added boost, not the backbone, and that headlines about AI or data center growth may be distracting from the foundation of the uranium thesis.

“If the EV story completely went away, it wouldn’t undo the thesis for uranium,” Tiggre said. “It would remove a tailwind, not the base story.” And despite political noise in the US, he believes the global shift to EVs remains intact.

He sees AI demand as similar: a powerful tailwind that strengthens the case for nuclear, but doesn’t define it.

When asked how meaningful near-term demand from new reactors and extensions could be — and when utilities will need to accelerate contracting — Gerardo Del Real, publisher at Digest Publishing, didn’t hesitate.

“How material? Very material,” he said.

But he cautioned that utilities remain “the slowest actors, always,” even as long-term contract prices have climbed “US$8 to US$10 above spot.” That contract price, he noted, is the real signal to watch. Because fuel makes up such a small share of a utility’s total operating costs, “they can afford to sign at US$120 or even US$130,” he said — levels that are far more consequential for producers and developers than for reactors themselves.

While some utilities have begun stepping in at higher prices, Del Real said the aggressive contracting many expected a year ago still hasn’t materialized. “I don’t think we’ll really see that until 2026,” he said.

Del Real said the uranium market is being driven by a mix of fundamentals and sentiment, and right now, the psychological lift from the tech boom is hard to ignore. While he doubts every AI-era data center plan will be built, the expert argued that even partial follow-through could massively expand power demand. If tech companies deliver “35 to 50 percent of their promises,” Del Real said, the energy needs would be “absolutely spectacular.”

That surge would hit an already-tightening market. He noted that the uranium sector is on track for a major supply deficit by 2026, a shortfall that he now believes is accelerating.

This sentiment was reiterated by Huhn, who explained that while broader narratives like AI and data center growth have been loosely tied to uranium, they don’t fundamentally alter the thesis for rising prices.

“If we see CAPEX pull back and growth slow, could that narrative impact us? Absolutely. But once prices start moving, uranium will carve out its own story,” he said. In his view, the real driver is the de-risking of existing reactors.

‘So instead of data center demand quadrupling by 2030, if it only doubles, we’re still going to see the de-risking of the existing operating reactors of the world, in particular in the countries that have expansion of data centers, which is most of the modern countries, but especially in the US, especially in China.”

Looking ahead, Huhn stressed that while new US reactors could eventually boost fuel demand in the early 2030s, utilities are already securing long-term contracts today.

“So the market for those reactors exists now,” he said. “As we enter 2026, attention will be everywhere.”

Aging uranium mines threaten supply security

Global uranium production is expected to climb over the next decade, but is seen struggling to meet demand.

The Australian government’s latest Resources and Energy Quarterly report projects that world uranium supply will rise from roughly 78 million MT in 2024 to about 97,000 MT by 2030, fueled by output expansions in Kazakhstan, Canada, Morocco and Finland — a roughly 24 percent increase over six years.

Industry experts also forecast a modest compound annual growth rate of 4.1 percent through 2030, with output reaching around 76,800 MT, reflecting expansions at major producers, including Kazakhstan and Canada.

Yet beyond 2030, many existing mines are expected to plateau or decline unless new projects come online, highlighting the critical need for timely investment to meet the fuel demands of the world’s growing nuclear fleet.

Future supply was a concern raised by Huhn, who underscored the challenges inherent in uranium mining.

“Mining is hard,” he said, pointing to Cameco’s (TSX:CCO,NYSE:CCJ) struggles at MacArthur River as it transitions to a new phase of the mine. The company has experienced mill downtime and production setbacks, yet still aims to deliver 15 million pounds of uranium in 2025, down from its typical 18 million. “These are very complicated underground mines with high-grade ore,” Huhn noted, emphasizing the operational complexity.

Huhn also highlighted long-term concerns: “Cigar Lake will be offline in 10 years, MacArthur River in 15. The two biggest projects that the industry relies on are finite. They need replacements if they intend to stay in uranium mining.”

Regarding Kazatomprom, he said the company is adopting a “value over volume” approach, focusing on responsible management of legacy assets while balancing joint ventures with Russia and China.

However, many of its projects are expected to peak over the next five years, with steep decline rates looming in the 2030s. Huhn warned: “Both (major miners) have pipeline problems into the 2030s. Without new development, the market will struggle to balance supply with the surging demand ahead.”

To facilitate this growth, Huhn stressed that uranium prices will need to stay elevated to incentivize the capital expenditures required to meet long-term demand.

“Looking at what the world will need to supply 250 million to 300 million pounds a year in about 10 years, we’re probably going to need prices in the US$125 to US$150 range, and they’ll need to stay there for a while,” he said.

Huhn added that short-term spikes aren’t enough.

“A spike to US$200 and then falling back to US$100 doesn’t do much for the industry,” he explained, noting that commodities cycles tend to overshoot on both ends. “Even in past cycles, prices fell below production costs — like when spot was US$30 a pound, but most low-cost producers were at US$40 to US$50. When the market recovers, the upside is usually much higher than the incentive price.”

Bullish uranium outlook meets real risks

Tiggre sees a bursting AI bubble as a possible threat to uranium’s upward price movement.

“There’s going to be a lot of companies that blow up,” he said. “There’s a significant chance that we get a major market event based on the AI bubble popping, and there will be a lot of panic selling of everything related. And unfortunately, that’s going to smack uranium too, because it has become an AI play now.”

Tiggre believes an event like this would be a strong buying opportunity, and while he doesn’t want to see people impacted by bubble burst, he urged investors to be prepared.

“I’ll be gleefully in the market when it puts something on sale, something you know is valuable. When the market offers it at a discount, and nothing else has changed, that’s an absolute gift,’ he said.

‘Opportunities like that don’t come often. Fluctuations happen, but a genuine sale on something you want for all the right reasons — that’s what makes fortunes for those with the courage to act.”

For 2026, Huhn sees utilities as the key driver for uranium prices. “I’m really looking at the utilities more than anything in the physical market, because that dictates everything else,” he explained.

While uranium equities have drawn attention, including meme-stock-like surges, Huhn is focused on the underlying commodity. He also pointed to a standoff, noting that major uranium producers like Cameco are seeking market-reference contracts with high ceilings, signaling confidence in rising prices, while utilities — still adjusting from reactor restarts and long-term power agreements — are testing the waters with small tenders.

“(Producers) want market reference with ceilings at US$130 to US$140, so that should tell all of us where the biggest players in the industry believe the price is going,” said Huhn. “Once we see the big utilities step up and sign these large contracts at the prices producers want, then it’s game on,” he emphasized, predicting a rapid price reset that could potentially push uranium from around US$75 to US$100 over a few months.

Looking down the pipeline, Del Real said he’s keeping a close eye on junior uranium companies, which he believes offer some of the biggest upside in the sector.

“If you know the management teams and can access these deals early, you can do spectacularly well,” he said, citing his firm’s early investment in North Shore Uranium (TSXV:NSU) as an example.

While he acknowledged the high risk involved, Del Real argued that in the current volatile market, well-chosen juniors can rival larger producers in potential returns, particularly when strategic financing and timing align.