8-K: United States 12 Month Oil Fund Reports Net Income of $282,515 for April 2024

The United States 12 Month Oil Fund, LP reported a net income of $282,515 for the month of April 2024, according to its monthly account statement.

Summary

• The United States 12 Month Oil Fund, LP released its monthly account statement for April 2024.
• The fund reported a net income of $282,515 for the month.
• Total income for the month was $330,796, which includes realized trading gains of $1,064,372, unrealized losses of $1,000,518, dividend income of $84,062, and interest income of $182,880.
• Total expenses for the month were $48,281, including general partner management fees of $32,119, professional fees of $13,109, brokerage commissions of $621, directors' fees and insurance of $1,630, and license fees of $802.
• The net asset value of the fund increased from $63,990,283 at the beginning of April to $64,272,798 at the end of the month.
• The net asset value per share was $40.17, based on 1,600,000 shares.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the net income and increase in net asset value, although the unrealized losses temper the overall outlook.

Positives

• The fund achieved a net income of $282,515 for the month.
• The fund had significant realized trading gains of $1,064,372.
• The fund's net asset value increased by $282,515 during the month.

Negatives

• The fund experienced unrealized losses of $1,000,518 on commodity futures.
• Total expenses for the month were $48,281.

Risks

• The fund's performance is subject to the volatility of commodity futures markets, as evidenced by the unrealized losses.
• Fluctuations in commodity prices can significantly impact the fund's income and net asset value.

Management Comments

• The Chief Financial Officer, Stuart P. Crumbaugh, stated 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 specific oil fund, which is influenced by the broader trends in the commodity markets, particularly oil prices and futures trading. The fund's performance is directly tied to the volatility and movements in these markets.

Comparison to Industry Standards

• The fund's performance is comparable to other commodity-based exchange-traded products (ETPs) that track oil futures.
• The realized trading gains and unrealized losses are typical for funds that actively trade commodity futures contracts.
• The expense ratios are within the expected range for similar investment vehicles.
• A comparison to similar funds such as the United States Oil Fund (USO) or the Invesco DB Oil Fund (DBO) would provide a more detailed benchmark.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and net asset value performance.
• The fund's performance directly impacts the returns for its limited partners.

Key Dates

Keywords

Oil Fund, Commodity Futures, Net Income, Net Asset Value, Trading Gains, Unrealized Losses, Financial Report