8-K: United States 12 Month Natural Gas Fund Reports Monthly Loss Amidst Futures Volatility

The United States 12 Month Natural Gas Fund, LP (UNL) reported a net loss of $281,820 for the month ended May 31, 2025, primarily driven by significant unrealized losses on commodity futures.

Summary

• The United States 12 Month Natural Gas Fund, LP (UNL) issued its monthly account statement for the month ended May 31, 2025.
• The fund reported a Net Income (Loss) of $(281,820) for the month.
• Total Income (Loss) for the month was $(259,979), while Total Expenses amounted to $21,841.
• The primary driver of the loss was an Unrealized Gain (Loss) on Market Value of Commodity Futures of $(407,953).
• The Net Asset Value (NAV) decreased from $12,033,483 at the beginning of May 2025 to $11,751,663 at the end of May 2025.
• The Net Asset Value Per Share at month-end was $8.70, based on 1,350,000 shares outstanding.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the reported net loss and decrease in Net Asset Value, primarily driven by significant unrealized losses on commodity futures, despite some positive realized gains and other income.

Positives

• The fund recorded a Realized Trading Gain on Commodity Futures of $103,632.
• Positive Dividend Income of $25,122 contributed to the fund's income.
• Interest Income of $19,220 was also generated during the month.

Negatives

• The fund experienced a Net Income (Loss) of $(281,820) for the month ended May 31, 2025.
• A significant Unrealized Loss on Market Value of Commodity Futures of $(407,953) was the main contributor to the overall loss.
• The Net Asset Value (NAV) declined by $281,820, from $12,033,483 to $11,751,663, over the month.

Risks

• The fund is exposed to significant market volatility, as evidenced by the substantial unrealized loss on commodity futures, which can lead to negative performance.

Future Outlook

The document does not provide any explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States 12 Month Natural Gas Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2025, is accurate and complete.

Industry Context

The United States 12 Month Natural Gas Fund operates within the highly volatile commodity futures market, specifically focusing on natural gas. Performance is directly tied to the price movements of natural gas, which are influenced by factors such as supply and demand dynamics, geopolitical events, weather patterns, and global economic conditions. Monthly fluctuations, including losses, are common in commodity-focused funds due to the inherent volatility of the underlying assets.

Stakeholder Impact

• Shareholders: Experienced a decrease in Net Asset Value per share due to the monthly loss, impacting their investment value.
• Management/General Partner: Received management fees as part of the fund's expenses, regardless of the monthly performance.

Next Steps

• The fund will continue to issue monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Keywords

United States 12 Month Natural Gas Fund, UNL, natural gas, commodity fund, futures, SEC filing, 8-K, monthly statement, net asset value, trading loss, commodity exchange act