8-K: Natural Gas Fund Reports Significant Monthly Loss

United States 12 Month Natural Gas Fund, LP reported a net loss of $411,195 for August 2025, decreasing its Net Asset Value.

Summary

• The United States 12 Month Natural Gas Fund, LP (UNL) issued its monthly account statement for the month ended August 31, 2025.
• The fund reported a total income (loss) of $(389,746) for the month.
• Expenses for the month totaled $21,449, including General Partner Management Fees of $5,323 and Professional Fees of $15,684.
• The net income (loss) for August 2025 was $(411,195).
• The Net Asset Value (NAV) decreased from $10,911,985 at the beginning of August to $10,500,790 at month-end.
• Net Asset Value Per Share for the 1,350,000 shares outstanding was $7.78 as of August 31, 2025.

Sentiment

Score: 3

Explanation: The fund experienced a significant net loss and a decrease in Net Asset Value, indicating poor performance for the month. While there was some income from dividends and interest, it was heavily outweighed by trading losses.

Positives

• The fund generated $26,621 in dividend income and $10,812 in interest income during the month.

Negatives

• The fund experienced a significant net loss of $411,195 for the month ended August 31, 2025.
• Realized trading losses on commodity futures amounted to $152,134.
• Unrealized losses on the market value of commodity futures were $275,045.
• The Net Asset Value (NAV) declined by $411,195, from $10,911,985 to $10,500,790, representing a decrease of approximately 3.77%.

Risks

• The fund is exposed to significant market risk from fluctuations in commodity futures prices, as evidenced by the realized and unrealized trading losses on natural gas futures.
• Ongoing management fees and professional fees contribute to operational expenses, impacting overall fund performance.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance beyond the reported monthly performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, as General Partner, represented that the information contained in the Account Statement for the month ended August 31, 2025, is accurate and complete to the best of his knowledge and belief, as required by Rule 4.22(h) under the Commodity Exchange Act.

Industry Context

This monthly report reflects the performance of a natural gas commodity fund, which is highly sensitive to volatility in global natural gas prices. The reported losses suggest a challenging month for natural gas futures, potentially influenced by supply/demand dynamics, geopolitical events, or weather patterns affecting energy markets during August 2025. Without broader market data, it is difficult to ascertain if these results are isolated or indicative of a wider trend in the natural gas commodity sector.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results to assess performance against global benchmarks. A comprehensive comparison would require data from other natural gas commodity funds or relevant natural gas price indices for the same period.

Related Party Transactions

• General Partner Management Fees of $5,323 were paid to United States Commodity Funds LLC, the general partner of the fund.

Stakeholder Impact

• Shareholders (Limited Partners) experienced a decrease in the value of their investment, as reflected by the decline in Net Asset Value Per Share from the beginning to the end of the month.
• The General Partner, United States Commodity Funds LLC, continues to receive management fees despite the fund's negative performance.

Next Steps

• The fund will continue to issue monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund reported a substantial net loss and a notable decline in Net Asset Value for the month, driven by significant trading losses in natural gas futures. This negative performance, coupled with the inherent volatility of commodity funds, suggests a 'sell' recommendation for investors seeking to mitigate further potential losses or reallocate capital to more stable or performing assets. The lack of positive forward-looking statements or mitigating factors in the filing reinforces this cautious stance.

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, Investment Fund, Monthly Report, UNL, SEC Filing, Trading Loss