8-K: United States 12 Month Natural Gas Fund April 2026 Update

United States 12 Month Natural Gas Fund, LP reports a net loss of $877,686 for the month ended April 30, 2026.

Summary

• The fund reported a net loss of $877,686 for April 2026.
• Total income was negative $854,388, driven primarily by realized and unrealized losses on commodity futures.
• Total expenses for the month amounted to $23,298.
• The Net Asset Value (NAV) at the end of the month was $15,959,328, with a NAV per share of $6.51.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral disclosure of routine monthly performance, which reflects the expected volatility of the underlying commodity market rather than a fundamental shift in company health.

Positives

• The fund successfully added 200,000 shares during the period, contributing $1,312,111 to the Net Asset Value.
• Dividend and interest income provided a combined positive contribution of $44,752.

Negatives

• Realized trading losses on commodity futures totaled $371,622.
• Unrealized losses on the market value of commodity futures amounted to $528,218.
• The fund experienced a net loss of $877,686 for the month.

Risks

• Exposure to volatility in natural gas commodity futures markets.
• Potential for continued unrealized losses if market conditions for natural gas remain unfavorable.

Future Outlook

The filing does not provide specific forward-looking guidance regarding future performance or market expectations.

Management Comments

• Stuart P. Crumbaugh, CFO of the General Partner, certified that the information contained in the Account Statement is accurate and complete.

Industry Context

StockSavvy.ai notes that commodity-linked ETFs like UNL are highly sensitive to the underlying natural gas futures curve. The reported losses reflect the inherent volatility of the energy sector and the specific challenges of managing a 12-month rolling futures strategy in a fluctuating price environment.

Comparison to Industry Standards

• Performance is consistent with typical volatility observed in natural gas commodity funds.
• Expense ratios remain in line with standard management fee structures for commodity-based ETFs.

Stakeholder Impact

• Shareholders are impacted by the monthly fluctuation in NAV per share resulting from commodity price movements.

Next Steps

• Publication of the next monthly account statement for May 2026.

Key Dates

Keywords

Natural Gas, Commodity Futures, UNL, ETF, Net Asset Value, Energy Investing