8-K: United States 12 Month Oil Fund, LP Reports Net Income of $392,258 for January 2025

United States 12 Month Oil Fund, LP releases its monthly account statement for January 2025, showcasing a net income of $392,258 and a net asset value of $47,830,383.

Summary

• United States 12 Month Oil Fund, LP issued its monthly account statement for January 31, 2025.
• The statement includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value.
• The fund reported a net income of $392,258 for the month.
• Realized trading gain on commodity futures was $291,710.
• Unrealized loss on market value of commodity futures was $28,396.
• Dividend income amounted to $71,950.
• Interest income was $102,114.
• Total income was $437,728.
• Total expenses were $45,470, including $25,711 in general partner management fees.
• The net asset value at the end of the month was $47,830,383.
• Net asset value per share was $38.26 based on 1,250,000 shares.
• The net asset value at the beginning of the month was $49,416,184.
• Withdrawals amounted to $1,978,059 for 50,000 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The fund reports a net income, but also experiences unrealized losses and withdrawals. The overall financial health appears stable but not exceptionally strong.

Positives

• The fund generated a net income of $392,258 for the month.
• The fund experienced realized trading gains on commodity futures of $291,710.
• Dividend and interest income contributed positively to the fund's overall income.

Negatives

• The fund experienced an unrealized loss of $28,396 on the market value of commodity futures.
• Withdrawals of $1,978,059 negatively impacted the net asset value.

Risks

• Fluctuations in commodity futures market values can impact the fund's performance.
• Withdrawals by limited partners can reduce the fund's net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, represents that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of a commodity-based exchange-traded fund (ETF) in the oil sector, which is influenced by global oil prices, supply and demand dynamics, and investor sentiment.

Comparison to Industry Standards

• Comparable companies include other oil-focused ETFs such as the United States Oil Fund (USO) and the Invesco DB Oil Fund (DBO).
• Performance should be benchmarked against these funds and relevant oil price indices like West Texas Intermediate (WTI) and Brent Crude.
• Management fees of $25,711 should be compared to the expense ratios of similar ETFs to assess cost-effectiveness.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and net asset value per share.
• The report provides transparency to limited partners regarding the fund's financial performance.

Key Dates