8-K: United States 12 Month Oil Fund Reports $2.34 Million Net Income for December 2024

The United States 12 Month Oil Fund, LP reported a net income of $2.34 million for December 2024, driven by unrealized gains on commodity futures.

Summary

• The United States 12 Month Oil Fund, LP released its monthly account statement for December 2024.
• The fund reported a net income of $2,343,704 for the month.
• This income was primarily driven by a $2,596,369 unrealized gain on the market value of commodity futures.
• The fund also experienced a $395,070 realized trading loss on commodity futures.
• Other income sources included $74,940 in dividend income and $112,527 in interest income.
• Total expenses for the month were $45,762, including management, professional, and brokerage fees.
• The fund's net asset value decreased from $50,807,679 to $49,416,184 due to withdrawals of $3,735,199.
• The net asset value per share was $38.01 based on 1,300,000 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive due to the net income, but tempered by the realized losses and decrease in net asset value. The fund's performance is largely driven by market conditions.

Positives

• The fund generated a significant net income of $2,343,704 for the month.
• Unrealized gains on commodity futures were a major contributor to the positive results.
• The fund also earned income from dividends and interest.

Negatives

• The fund experienced a realized trading loss of $395,070 on commodity futures.
• Withdrawals of $3,735,199 significantly reduced the net asset value.
• The net asset value decreased from $50,807,679 to $49,416,184.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized trading losses can negatively impact the fund's overall profitability.
• Withdrawals can significantly reduce the fund's net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, stated that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report reflects the performance of a commodity-based exchange-traded fund, which is subject to the fluctuations of the oil market and commodity futures. The results are typical for such a fund, with gains and losses driven by market movements.

Comparison to Industry Standards

• The fund's performance is comparable to other oil-tracking ETFs, where returns are heavily influenced by the price of oil and the futures market.
• The reported unrealized gains and realized losses are typical for funds that actively trade commodity futures.
• The management fees and other expenses are within the expected range for similar investment vehicles.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and the change in net asset value.
• The fund's performance directly impacts the returns for its investors.
• The fund's management is responsible for ensuring the accuracy and completeness of the financial statements.

Key Dates

Keywords

Oil Fund, Commodity Futures, Net Income, Net Asset Value, Realized Loss, Unrealized Gain, USL, Monthly Account Statement