8-K: United States 12 Month Natural Gas Fund Reports Monthly Account Statement with Net Loss Amidst Capital Inflow

United States 12 Month Natural Gas Fund, LP disclosed its monthly account statement for June 2025, reporting a net loss of $4,536 despite significant capital additions.

Summary

• United States 12 Month Natural Gas Fund, LP (UNL) issued its monthly account statement for the month ended June 30, 2025.
• The fund reported a Net Income (Loss) of $(4,536) for the month.
• Total Income (Loss) for the month was $17,220, primarily driven by $39,958 in realized trading gains, $24,259 in dividend income, and $18,930 in interest income, offset by $66,277 in unrealized losses on commodity futures.
• Total Expenses amounted to $21,756, including $6,170 for General Partner Management Fees and $14,542 for Professional Fees.
• The Net Asset Value (NAV) at the beginning of June 2025 was $11,751,663.
• The fund received $477,039 in additions from the issuance of 50,000 shares during the month.
• The Net Asset Value at the end of June 2025 increased to $12,224,166.
• Net Asset Value Per Share was $8.73, based on 1,400,000 shares outstanding at month-end.

Sentiment

Score: 5

Explanation: The fund experienced a net loss for the month due to expenses exceeding income and unrealized trading losses. However, this was partially offset by realized trading gains, dividend, and interest income. Crucially, the fund successfully attracted significant new capital through share issuance, leading to an overall increase in Net Asset Value, which presents a mixed but not entirely negative picture.

Positives

• Realized Trading Gain on Commodity Futures of $39,958 indicates profitable closed positions.
• Significant Dividend Income of $24,259 and Interest Income of $18,930 contributed positively to total income.
• The fund attracted $477,039 in new capital through the issuance of 50,000 shares, leading to an increase in total Net Asset Value from $11,751,663 to $12,224,166.

Negatives

• Reported a Net Income (Loss) of $(4,536) for the month ended June 30, 2025.
• Experienced an Unrealized Loss on Market Value of Commodity Futures of $(66,277), indicating a decline in the value of open positions.
• Total Expenses of $21,756 exceeded Total Income of $17,220, contributing to the net loss.

Future Outlook

The filing is a routine monthly account statement and does not provide specific forward-looking statements or guidance beyond the reported financial performance for the month ended June 30, 2025.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner), certified that the information contained in the Account Statement for the month ended June 30, 2025, is accurate and complete to the best of his knowledge and belief.

Industry Context

As a natural gas fund, the company's performance is directly tied to the volatility and price movements in the global natural gas commodity markets. The reported unrealized losses reflect the inherent market risks associated with commodity futures trading, while dividend and interest income provide diversification to the fund's revenue streams.

Related Party Transactions

• General Partner Management Fees of $6,170 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders (Limited Partners) experienced a slight decrease in the fund's monthly profitability, reflected in the net loss.
• The increase in total Net Asset Value due to new share subscriptions indicates continued investor interest and capital support for the fund.

Next Steps

• The fund is expected to continue its routine monthly reporting as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

While the fund reported a net loss for the month, this is a common occurrence for commodity funds due to market volatility and unrealized losses. The fund also successfully attracted new capital, increasing its overall Net Asset Value. For a seasoned investor, a single month's performance, especially in a volatile asset class like natural gas, is typically viewed within a broader context. The fund continues to operate and attract investment, suggesting a 'hold' position is appropriate rather than a 'sell' based solely on this routine monthly disclosure.

Keywords

Natural Gas Fund, Commodity Futures, SEC Filing, 8-K, Monthly Account Statement, Net Asset Value, UNL, Commodity Exchange Act, Financial Report, Investment Fund