8-K: United States 12 Month Oil Fund Reports May 2025 Net Income of $1.34 Million Driven by Futures Gains

United States 12 Month Oil Fund, LP (USL) reported a net income of $1,339,715 for the month ended May 31, 2025, primarily due to significant unrealized gains on commodity futures.

Summary

• The United States 12 Month Oil Fund, LP (USL) recorded a Net Income of $1,339,715 for the month ended May 31, 2025.
• Total income for the month was $1,377,375, largely driven by an unrealized gain of $2,162,636 on the market value of commodity futures.
• The fund experienced a realized trading loss of $925,240 on commodity futures during the period.
• Additional income sources included $77,186 from dividends and $62,443 from interest.
• Total expenses for the month amounted to $37,660, with General Partner Management Fees being the largest component at $20,187.
• The Net Asset Value (NAV) at the end of May 2025 stood at $38,039,418.
• NAV per share was $33.08, based on 1,150,000 shares outstanding.
• The fund saw withdrawals of 50,000 shares, totaling $1,696,684, which contributed to a decrease in the overall Net Asset Value from $38,396,387 at the beginning of the month.

Sentiment

Score: 7

Explanation: The fund reported a positive net income for the month, driven by significant unrealized gains on commodity futures, which is a strong indicator of current market positioning. However, this was partially offset by realized trading losses and a decrease in Net Asset Value due to investor withdrawals.

Positives

• The fund achieved a positive Net Income of $1,339,715 for the month.
• Significant unrealized gains on commodity futures, totaling $2,162,636, contributed positively to the fund's performance.
• The fund generated additional income from dividends ($77,186) and interest ($62,443).

Negatives

• The fund incurred a realized trading loss of $925,240 on commodity futures.
• Net Asset Value decreased from $38,396,387 at the beginning of the month to $38,039,418 at month-end.
• Withdrawals of 50,000 shares, valued at $1,696,684, indicate a net capital outflow from the fund during the month.

Future Outlook

NA

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of USL), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2025, is accurate and complete.

Industry Context

This filing provides a routine monthly performance update for an oil commodity fund. The fund's financial results, particularly the mix of realized losses and unrealized gains on commodity futures, reflect its active trading strategy and exposure to the volatile oil market. The net income indicates the fund's ability to generate positive returns despite market fluctuations, while withdrawals suggest investor rebalancing or sentiment shifts within the broader commodity investment landscape.

Stakeholder Impact

• Shareholders: Experienced a decrease in the fund's overall Net Asset Value due to withdrawals, although the fund generated positive net income for the month.
• General Partner (United States Commodity Funds LLC): Received General Partner Management Fees of $20,187 for the month.

Key Dates

Recommendation

Keywords

United States 12 Month Oil Fund, USL, Oil Fund, Commodity Futures, Net Asset Value, NAV, Monthly Account Statement, SEC Filing, 8-K, Commodity Exchange Act, Investment Fund, Energy Futures, Financial Report