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

The United States 12 Month Natural Gas Fund, LP reported a net loss of over $2 million and a substantial decrease in Net Asset Value for April 2025, primarily driven by unrealized losses on commodity futures.

Summary

• The United States 12 Month Natural Gas Fund, LP (UNL) reported a Net Income (Loss) of $(2,097,038) for the month ended April 30, 2025.
• Total Income (Loss) for the month was $(2,089,049), primarily due to an Unrealized Gain (Loss) on Market Value of Commodity Futures of $(2,479,408).
• The fund recorded a Realized Trading Gain on Commodity Futures of $342,438.
• Net Asset Value (NAV) decreased from $16,419,269 at the beginning of April 2025 to $12,033,483 by April 30, 2025.
• The fund experienced net withdrawals of 250,000 shares, with 100,000 shares added ($842,122) and 350,000 shares withdrawn ($(3,130,870)).
• The Net Asset Value Per Share at month-end was $8.91, based on 1,350,000 shares outstanding.

Sentiment

Score: 3

Explanation: The fund experienced a significant net loss and a substantial decline in Net Asset Value, primarily due to large unrealized losses on commodity futures, indicating poor performance for the month.

Positives

• The fund achieved a Realized Trading Gain on Commodity Futures of $342,438.
• Generated $21,202 in Dividend Income and $24,969 in Interest Income during the month.

Negatives

• Incurred a significant Unrealized Loss on Market Value of Commodity Futures totaling $(2,479,408).
• Reported a Net Income (Loss) of $(2,097,038) for the month ended April 30, 2025.
• The Net Asset Value (NAV) declined substantially by approximately $4.38 million, representing a decrease of about 26.7% from the beginning of the month.
• Experienced net capital outflows with withdrawals of 350,000 shares exceeding additions of 100,000 shares.

Risks

• Exposure to significant unrealized losses from fluctuations in the market value of commodity futures, as evidenced by the $(2,479,408) loss for the month.

Future Outlook

The document does not provide any 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 the Registrant), certified that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended April 30, 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. The reported significant unrealized losses reflect the inherent price fluctuations and market risks associated with natural gas commodities during the reporting period. This performance is indicative of the broader challenges and opportunities present in the energy futures sector, where market sentiment, supply-demand dynamics, and geopolitical factors can rapidly impact valuations.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to assess the fund's performance against global benchmarks or industry standards. A direct comparison would require external data on other natural gas or energy commodity funds' performance during the same period.

Stakeholder Impact

• Shareholders: Experienced a significant decrease in Net Asset Value per share, impacting their investment value.
• Investors: Net withdrawals indicate a potential loss of confidence or reallocation of capital by investors.

Next Steps

• The document does not explicitly mention future actions, events, or milestones beyond the regular monthly reporting requirement.

Key Dates

Recommendation

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, SEC Filing, 8-K, Monthly Statement, UNL, USCF Investments, Energy Futures, Trading Loss