8-K: Natural Gas Fund Reports Significant February Loss

The United States 12 Month Natural Gas Fund, LP reported a net loss of over $4.1 million for February 2026, primarily due to unrealized trading losses.

Summary

• The United States 12 Month Natural Gas Fund, LP experienced a total income (loss) of $(4,145,268) for the month ended February 28, 2026.
• Total expenses for the month amounted to $19,985.
• The fund reported a net income (loss) of $(4,165,253) for February 2026.
• Net Asset Value (NAV) decreased from $20,772,997 at the beginning of February to $15,421,426 at month-end.
• The fund saw net withdrawals of 150,000 shares, with 1,028,124 added (150,000 shares) and 2,214,442 withdrawn (300,000 shares).
• Net Asset Value Per Share at the end of February was $6.85, based on 2,250,000 shares outstanding.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative report due to the substantial net loss and significant decline in Net Asset Value, primarily driven by unfavorable market movements in natural gas futures during the month.

Positives

• The fund generated $24,210 in dividend income.
• Interest income contributed $18,212.
• ETF transaction fees added $1,050 to income.

Negatives

• A significant net loss of $(4,165,253) was reported for the month.
• Unrealized losses on the market value of commodity futures totaled $(3,778,826).
• Realized trading losses on commodity futures amounted to $(409,914).
• The Net Asset Value (NAV) declined by approximately 25.7% from $20,772,997 to $15,421,426 during the month.
• There were net withdrawals of 150,000 shares, indicating a decrease in investor capital.

Risks

• The fund is exposed to significant market risk associated with fluctuations in natural gas commodity futures prices, as evidenced by the substantial unrealized and realized trading losses reported.

Future Outlook

No specific forward-looking statements or guidance were provided in this monthly account statement beyond the regular reporting of past performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended February 28, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that the significant unrealized and realized losses reflect the inherent volatility of natural gas markets, which can be influenced by weather patterns, supply-demand dynamics, and geopolitical events. This performance is typical for funds directly exposed to commodity price fluctuations, highlighting the speculative nature of such investments.

Comparison to Industry Standards

• The filing does not provide specific comparisons to other comparable companies, projects, or industry benchmarks regarding performance or financial metrics.

Related Party Transactions

• General Partner Management Fees of $7,250 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

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

Next Steps

• Ongoing monthly reporting as required pursuant to Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund experienced a substantial net loss and a significant decline in Net Asset Value per share during February 2026, primarily due to adverse movements in natural gas commodity futures. This performance indicates a challenging period for the fund's investment strategy, suggesting that investors might consider reducing their exposure or re-evaluating the fund's prospects given the current market conditions for natural gas.

Keywords

Natural Gas Fund, Commodity Futures, UNL, SEC Filing, Monthly Statement, Net Asset Value, Trading Loss, Energy Fund, Commodity Exchange Act