8-K: United States 12 Month Natural Gas Fund Reports $1.06 Million Net Income for December 2024

The United States 12 Month Natural Gas Fund, LP reported a net income of $1.06 million for December 2024, driven by unrealized gains on commodity futures.

Summary

• The United States 12 Month Natural Gas Fund, LP released its monthly account statement for December 31, 2024.
• The fund reported a net income of $1,064,335 for the month.
• This income was primarily driven by a $1,276,315 unrealized gain on the market value of commodity futures.
• The fund also experienced a realized trading loss of $260,494 on commodity futures.
• Total income for the month was $1,088,540, which included dividend and interest income.
• Total expenses for the month were $24,205, including management, professional, and brokerage fees.
• The fund's net asset value decreased from $19,120,575 at the beginning of the month to $18,672,121 at the end of the month.
• This change in net asset value was due to net income, additions of 400,000 shares, and withdrawals of 600,000 shares.
• The net asset value per share was $8.12 based on 2,300,000 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive due to the net income, but tempered by the decrease in net asset value and realized trading losses. The fund's performance is heavily influenced by market conditions.

Positives

• The fund generated a net income of $1,064,335 for the month.
• The fund experienced significant unrealized gains on commodity futures, totaling $1,276,315.
• The fund also generated income from dividends and interest, contributing to the overall positive result.

Negatives

• The fund experienced a realized trading loss of $260,494 on commodity futures.
• The fund's net asset value decreased by $448,454 during the month.
• Withdrawals of 600,000 shares contributed to the decrease in net asset value.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized trading losses can negatively impact the fund's overall profitability.
• Fluctuations in share issuances and withdrawals can affect the net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, stated that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of a natural gas commodity fund, which is subject to the volatility of the energy markets. The fund's performance is directly tied to the price fluctuations of natural gas futures contracts.

Comparison to Industry Standards

• It is difficult to make a direct comparison without knowing the specific strategies and holdings of other natural gas funds.
• However, the fund's performance can be benchmarked against the performance of natural gas futures contracts during the same period.
• Other similar funds include the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) and the United States Natural Gas Fund LP (UNG), which can be used for comparison.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and net asset value.
• The fund's performance will impact investor confidence and future investment decisions.
• The fund's performance is directly tied to the price fluctuations of natural gas futures contracts.

Key Dates

Keywords

Natural Gas Fund, Commodity Futures, Net Income, Net Asset Value, Trading Gain, Unrealized Gain, Monthly Account Statement