8-K: Natural Gas Fund Reports September Loss, NAV Declines

United States 12 Month Natural Gas Fund, LP reported a net loss of $55,669 for September 2025, with Net Asset Value per share declining to $7.74.

Summary

• The United States 12 Month Natural Gas Fund, LP issued its monthly account statement for the month ended September 30, 2025.
• The fund recorded a total income (loss) of $(34,898) for the month.
• Total expenses for the month amounted to $20,771, including General Partner Management Fees of $5,124 and Professional Fees of $15,181.
• The net income (loss) for September 2025 was $(55,669).
• Net Asset Value (NAV) at the beginning of September 2025 was $10,500,790.
• The NAV at the end of September 2025 decreased to $10,445,121.
• Net Asset Value Per Share, based on 1,350,000 shares, was $7.74 at month-end.

Sentiment

Score: 3

Explanation: The fund reported a net loss for the month, primarily driven by significant realized trading losses on commodity futures, leading to a decrease in Net Asset Value per share. While there were positive contributions from unrealized gains, dividends, and interest, these were insufficient to offset the trading losses.

Positives

• The fund recorded an unrealized gain on the market value of commodity futures of $48,409.
• Dividend income contributed $23,898 to the fund's income.
• Interest income added $11,385 to the fund's income.

Negatives

• The fund experienced a significant realized trading loss on commodity futures of $(118,590).
• The total income (loss) for the month was negative, at $(34,898).
• The fund reported a net income (loss) of $(55,669) for the month.
• Net Asset Value (NAV) decreased from $10,500,790 at the beginning of the month to $10,445,121 at the end of the month.
• Net Asset Value Per Share declined to $7.74.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, as General Partner, represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended September 30, 2025, is accurate and complete.

Industry Context

The filing reflects the monthly performance of a fund focused on natural gas commodity futures, indicating the impact of market movements on its trading positions and overall asset value for the period. A net loss suggests a challenging month for the fund's natural gas trading strategy or underlying commodity prices.

Related Party Transactions

• General Partner Management Fees of $5,124 were paid to United States Commodity Funds LLC, which serves as the general partner of the fund.

Stakeholder Impact

• Shareholders experienced a decrease in the Net Asset Value per share from the beginning to the end of the month, indicating a decline in the value of their investment.

Key Dates

Recommendation

While the fund experienced a net loss and a decline in Net Asset Value per share for the month, this is a single monthly report for a commodity fund, which can be subject to short-term volatility. A 'hold' recommendation suggests monitoring future performance and broader natural gas market trends before making a definitive buy or sell decision, as a single month's performance does not necessarily indicate a long-term trend.

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, UNL, Monthly Account Statement, Investment Fund, SEC Filing