8-K: United States 12 Month Natural Gas Fund Reports $1.76 Million Net Income for September 2024

The United States 12 Month Natural Gas Fund reported a net income of $1.76 million for the month of September 2024, driven by unrealized gains in commodity futures.

Summary

• The United States 12 Month Natural Gas Fund, LP released its monthly account statement for September 2024.
• The fund reported a net income of $1,760,526 for the month.
• This income was primarily driven by a $1,983,683 unrealized gain on the market value of commodity futures.
• The fund also experienced a realized trading loss of $267,562 on commodity futures.
• Total income for the month was $1,795,869, which included dividend and interest income.
• Total expenses for the month were $35,343, including management, professional, and brokerage fees.
• The fund's net asset value increased from $18,470,740 at the beginning of the month to $20,192,875 at the end of the month.
• The net asset value per share was $7.92 based on 2,550,000 shares.

Sentiment

Score: 8

Explanation: The document presents a strong positive performance for the month, driven by significant unrealized gains and an increase in net asset value. The sentiment is positive due to the strong financial results.

Positives

• The fund generated a significant net income of $1,760,526 for the month.
• The fund experienced substantial unrealized gains on commodity futures, which drove the positive results.
• The fund's net asset value increased by over $1.7 million during the month.
• The fund also generated income from dividends and interest.

Negatives

• The fund experienced a realized trading loss of $267,562 on commodity futures.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized trading losses can negatively impact the fund's overall performance.

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 investment strategy and risk profile of other natural gas funds.
• However, the reported net income and NAV increase suggest a positive performance for the month, which would be considered favorable compared to funds with negative or flat performance.
• The fund's reliance on unrealized gains highlights the importance of market timing and risk management in commodity trading, which is a common factor across similar funds.

Stakeholder Impact

• Shareholders will likely view the positive net income and NAV increase favorably.
• The fund's performance may attract new investors.

Key Dates

Keywords

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