Utility Inventory by Form — End of Year (M lbs U3O8e) · EIA-858 UMAR Table 22
| Form |
2020 |
2021 |
2022 |
2023 |
2024 (P) |
Δ 2022→2024 |
| Uranium concentrates (U3O8) |
21.9 |
19.7 |
18.9 |
22.6 |
23.8 |
+4.9M |
| Natural uranium hexafluoride (UF₆) |
37.8 |
36.4 |
31.1 |
31.1 |
40.7 |
+9.6M |
| Enriched uranium hexafluoride (EUF₆) |
40.7 |
43.2 |
46.1 |
55.6 |
55.0 |
+8.9M |
| Fabricated fuel (not yet inserted) |
6.5 |
9.2 |
6.4 |
5.0 |
6.9 |
+0.5M |
| Total Utility Inventory |
106.9 |
108.5 |
102.4 |
114.3 |
126.4 |
+24.0M (+23.4%) |
Procurement & Coverage Signals
End-2024 utility inventory (P)
126.4M lbs
Months of forward supply
~38 months
18-month urgency threshold
~60M lbs
Buffer above urgency
+66.4M lbs
2024 purchases (55.9M) vs consumption (~40M)
+15.9M lbs net
Unfilled requirements — 2028 (cliff year)
11.5M lbs
Cumulative unfilled 2025–2034
184.2M lbs
Inventory signal status
■ Rebuilding
Inventory Composition — End-2024 (P)
Uranium concentrates (U3O8)
23.8M lbs
19%
Natural UF₆
40.7M lbs
32%
Enriched UF₆
55.0M lbs
44%
Fabricated fuel (not inserted)
6.9M lbs
5%
Total Utility
126.4M lbs
US supplier inventories (additional)
41.0M lbs
Total commercial (utility + supplier)
167.4M lbs
Interpreting the Data
Inventory is rising — but the story is in unfilled requirements. The 2022 inventory trough (102.4M lbs) coincided with historically low contracting activity and reflected utilities drawing down stockpiles built during the Fukushima-era oversupply. Since 2022, utilities have purchased 40.5M + 51.6M + 55.9M lbs in three consecutive years of above-consumption buying to rebuild inventory. Enriched UF₆ — the highest-value, most reactor-ready form — has surged from 40.7M lbs (2020) to 55.0M lbs (2024P). The inventory rebuild is real and well-documented. However, inventory levels do not tell you how much uranium utilities still need to contract. Table 11 does.
The 2028 cliff: unfilled requirements jump +240% in a single year. As of December 31, 2024, US utilities had only 1.9M–3.4M lbs/yr of unfilled requirements through 2027 — those years are essentially fully contracted. In 2028, unfilled requirements spike to 11.5M lbs, reaching 20.5M in 2030, 32.6M in 2031, and 39.0M in 2033. This pattern reflects the mass expiry of long-term contracts signed during 2012–2017 when spot prices were at decade lows. Utilities that didn't re-contract during the 2020–2022 window now face an increasingly crowded market for 2028+ delivery. The cumulative unfilled position of 184.2M lbs through 2034 represents 4.6 years of total US consumption — all of which must be contracted at prevailing market prices.
Annual Inventory Data — 2020 to 2024 (M lbs U3O8e)
| Year |
End Inventory (M lbs) |
YoY Change |
Months of Supply |
Purchases (M lbs) |
Net Change vs Consumption |
| 2020 |
106.9 |
— |
32 |
48.9 |
+8.7M |
| 2021 |
108.5 |
+1.5% |
33 |
46.7 |
+1.6M |
| 2022 |
102.4 |
−5.6% |
31 |
40.5 |
−6.1M |
| 2023 |
114.3 |
+11.6% |
34 |
51.6 |
+11.9M |
| 2024 (P) |
126.4 |
+10.6% |
38 |
55.9 |
+12.1M est. |
Months of supply = end inventory ÷ (~40M lbs/yr ÷ 12). Purchases from EIA-858 UMAR Table S1a. Net change vs consumption is approximate; actual consumption varies by year based on fleet capacity factor and outage schedule. (P) = Preliminary 2024 data.
Forward Unfilled Requirements — As of Dec 31, 2024 (M lbs U3O8e) · EIA-858 Table 11
| Year |
Annual Unfilled |
Cumulative Unfilled |
Max Anticipated Requirements |
Max Under Contracts |
% Unfilled |
| 2025 |
1.9M |
1.9M |
57.6M |
55.7M |
3% |
| 2026 |
3.2M |
5.1M |
52.8M |
49.6M |
6% |
| 2027 |
3.4M |
8.5M |
45.3M |
41.9M |
7% |
| 2028 |
11.5M ▲ |
20.0M |
41.8M |
30.2M |
28% |
| 2029 |
11.9M |
32.0M |
33.6M |
21.6M |
35% |
| 2030 |
20.5M |
52.4M |
36.9M |
16.4M |
56% |
| 2031 |
32.6M |
85.0M |
40.8M |
8.2M |
80% |
| 2032 |
33.8M |
118.8M |
41.1M |
7.4M |
82% |
| 2033 |
39.0M |
157.8M |
41.0M |
2.0M |
95% |
| 2034 |
26.4M |
184.2M |
27.7M |
W |
>95% |
| Total 2025–2034 |
184.2M |
— |
418.5M |
234.3M |
44% |
W = withheld to avoid disclosure. Max Anticipated Requirements = total uranium expected to be needed (enrichment feed + direct use). Max Under Contracts = maximum deliverable under existing purchase agreements including options. Unfilled = must be sourced via new contracts or spot purchases. Source: EIA-858 UMAR 2024 Tables 11 & 12.
Data source: EIA Form 858 — Uranium Marketing Annual Report (UMAR) 2024, released September 2025. Inventory data from Table 22: Natural and Enriched Uranium Inventories (owners and operators of US civilian nuclear power reactors only; excludes US supplier inventories). Unfilled requirements from Table 11; maximum anticipated requirements from Table 12. Historical purchases from Table S1a. Annual requirement of ~40M lbs/yr used for months-of-supply calculation (EIA-858 UMAR basis — uranium purchased/required for reactor loading). Does not include DOE/NNSA government stockpiles. (P) = Preliminary 2024 figures; final 2024 data will be published in the 2025 UMAR (expected June 2026). W = withheld by EIA to avoid disclosure of individual company data.