8-K: UNL Reports Strong January Net Income on Futures Gains

United States 12 Month Natural Gas Fund, LP reported a net income of $3.4 million for January 2026, driven by significant unrealized gains on commodity futures.

Summary

• Reported a net income of $3,401,627 for the month ended January 31, 2026.
• Experienced a total income of $3,425,371, primarily from an unrealized gain on the market value of commodity futures of $3,940,318.
• Incurred a realized trading loss on commodity futures of $(571,867).
• Total expenses for the month were $23,744, including General Partner Management Fees of $9,592 and Professional Fees of $11,648.
• Net Asset Value (NAV) increased from $18,710,529 at the beginning of January to $20,772,997 by month-end.
• NAV per share at the end of January was $8.66, based on 2,400,000 shares outstanding.
• The fund saw additions of 100,000 shares totaling $697,430 and withdrawals of 250,000 shares totaling $(2,036,589).

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive monthly update, primarily driven by strong unrealized gains in commodity futures, leading to a healthy net income and an increase in Net Asset Value. However, the realized trading loss and net withdrawals temper the overall sentiment slightly.

Positives

• Achieved a significant net income of $3,401,627 for the month.
• Realized a substantial unrealized gain of $3,940,318 on the market value of commodity futures.
• Net Asset Value increased by over $2 million during the month, from $18,710,529 to $20,772,997.

Negatives

• Incurred a realized trading loss on commodity futures of $(571,867).
• Experienced net withdrawals of 150,000 shares, totaling $(1,339,159) in value, indicating some investor outflows.

Risks

• The fund's performance is highly dependent on the volatile market value of commodity futures, as evidenced by the significant unrealized gains and realized losses within the same month.
• Exposure to market fluctuations in natural gas prices can lead to substantial gains or losses.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the reported monthly performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (the General Partner), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended January 31, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that commodity funds, particularly those focused on natural gas, are highly susceptible to global supply and demand dynamics, geopolitical events, and weather patterns. The significant unrealized gain in January suggests a favorable movement in natural gas prices or futures contracts during the month, aligning with typical volatility in the energy sector. The fund's performance reflects the inherent speculative nature of commodity investments.

Comparison to Industry Standards

• Without specific comparable natural gas commodity funds' January 2026 performance data, a direct quantitative comparison is not feasible from this filing alone.
• However, the reported net income and NAV increase indicate a positive performance for the month, which would generally be considered favorable within the volatile commodity fund landscape, assuming the broader natural gas market experienced an upward trend.

Related Party Transactions

• General Partner Management Fees of $9,592 were paid to United States Commodity Funds LLC, which is the general partner of the registrant.

Stakeholder Impact

• Shareholders experienced an increase in Net Asset Value per share to $8.66, reflecting positive investment performance for the month.
• The General Partner, United States Commodity Funds LLC, received management fees for its services.

Next Steps

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

Key Dates

Recommendation

While the fund demonstrated strong positive performance for January 2026 with a significant net income and NAV increase, this is a single monthly report for a commodity fund known for volatility. A 'hold' recommendation is appropriate as it reflects the positive short-term results without overstating the long-term implications based solely on one month's performance, especially given the realized trading loss and net withdrawals. Investors should consider broader market trends and the fund's long-term strategy.

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, UNL, SEC Filing, Monthly Statement, Trading Gains, Energy Investments