8-K: UNL Reports December 2025 Net Asset Value Decline

United States 12 Month Natural Gas Fund, LP reported a net loss of $2.39 million and a decrease in Net Asset Value to $18.71 million for December 2025.

Summary

• The United States 12 Month Natural Gas Fund, LP (UNL) reported a total net loss of $2,386,901 for the month ended December 31, 2025.
• This loss was primarily driven by an unrealized loss of $2,180,562 and a realized loss of $252,188 on commodity futures trading.
• The Net Asset Value (NAV) at the end of December 2025 was $18,710,529, down from $19,435,443 at the beginning of the month.
• Net Asset Value Per Share decreased to $7.34, based on 2,550,000 shares outstanding at month-end.
• The fund experienced additions of 200,000 shares totaling $1,661,987 during the month.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative report due to substantial trading losses and a decline in Net Asset Value, indicating poor performance for the month.

Positives

• The fund generated $25,403 in dividend income and $35,906 in interest income during the month.
• There were additions of 200,000 shares, contributing $1,661,987 to the fund's assets.

Negatives

• The fund incurred a significant net loss of $2,386,901 for the month ended December 31, 2025.
• Unrealized losses on the market value of commodity futures amounted to $2,180,562.
• Realized trading losses on commodity futures were $252,188.
• The Net Asset Value (NAV) decreased from $19,435,443 at the beginning of December to $18,710,529 at month-end.
• Net Asset Value Per Share declined to $7.34 from an implied higher value at the start of the month.

Risks

• Risks inherent in commodity futures trading, as evidenced by significant realized and unrealized losses on commodity futures during the reporting period.

Future Outlook

The filing does not contain 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), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended December 31, 2025, is accurate and complete.

Industry Context

StockSavvy.ai notes that the reported losses reflect the inherent volatility and price movements within the natural gas futures market during December 2025. Commodity funds, particularly those focused on volatile assets like natural gas, are highly susceptible to market fluctuations, which can lead to significant realized and unrealized gains or losses.

Comparison to Industry Standards

• The filing does not provide specific comparisons to other natural gas funds, industry benchmarks, or competitor performance for the reported period.

Related Party Transactions

• General Partner Management Fees of $10,116 were paid to United States Commodity Funds LLC, which is the general partner of the fund.

Stakeholder Impact

• Shareholders experienced a decline in Net Asset Value per share, indicating a decrease in the value of their investment during the month.

Next Steps

• The fund is required to continue issuing monthly account statements pursuant to Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund experienced substantial trading losses and a notable decline in Net Asset Value per share for December 2025, indicating poor short-term performance and potential headwinds in the underlying commodity market. Investors should consider the significant negative performance when evaluating their holdings.

Keywords

Natural Gas, Commodity Fund, UNL, SEC Filing, 8-K, Financial Report, Net Asset Value, Futures Trading, December 2025, Commodity Exchange Act