8-K: United States 12 Month Natural Gas Fund, LP Reports Net Income of $1.21 Million for March 2025

United States 12 Month Natural Gas Fund, LP announces its monthly account statement for March 2025, revealing a net income of $1.21 million and a closing net asset value of $16.42 million.

Summary

• United States 12 Month Natural Gas Fund, LP released its monthly account statement for March 31, 2025.
• The fund reported a net income of $1,208,888 for the month.
• Realized trading gain on commodity futures was $697,279.
• Unrealized gain on market value of commodity futures was $464,561.
• Dividend income amounted to $36,201.
• Interest income was $24,549.
• Total income reached $1,223,290.
• Total expenses were $14,402, including general partner management fees of $8,616.
• The net asset value at the beginning of the month was $16,259,492.
• Additions from 50,000 shares totaled $511,104.
• Withdrawals from 150,000 shares amounted to $1,560,215.
• The net asset value at the end of the month was $16,419,269.
• The net asset value per share (1,600,000 shares) was $10.26.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive, reflecting the reported net income and increase in net asset value. However, the fund's reliance on volatile commodity markets introduces inherent risks.

Positives

• The fund generated a net income of $1,208,888 for the month.
• The fund experienced gains from both realized and unrealized commodity futures trading.
• The net asset value of the fund increased during the month.

Negatives

• Withdrawals of 150,000 shares resulted in a decrease of $1,560,215 in net asset value.

Risks

• The fund's performance is heavily reliant on the volatile natural gas market.
• Fluctuations in commodity futures values can significantly impact the fund's income and net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the General Partner, certified the accuracy and completeness of the account statement.

Industry Context

This report provides insight into the performance of a commodity-based exchange-traded fund (ETF) in the natural gas sector, which is influenced by factors such as weather patterns, supply and demand dynamics, and geopolitical events.

Comparison to Industry Standards

• It's difficult to compare this fund's performance directly to industry standards without knowing the specific investment strategy and risk profile.
• Comparable funds in the natural gas sector include the ProShares Ultra Bloomberg Natural Gas (BOIL) and the VelocityShares Daily 2x ETF (GASL).
• However, these funds often employ different leverage strategies, making direct comparisons challenging.
• Benchmarking against a broad commodity index or a natural gas futures index could provide a more relevant comparison.

Stakeholder Impact

• Shareholders will be interested in the fund's performance and the factors driving its profitability.
• The report provides transparency to investors regarding the fund's financial position and operations.

Key Dates

Keywords

Natural Gas Fund, Net Asset Value, Commodity Futures, Monthly Account Statement, Financial Report, UNL, Income Statement