8-K: United States 12 Month Oil Fund Reports Strong June Performance with $2.2 Million Net Income

United States 12 Month Oil Fund, LP reported a net income of $2.25 million and an increase in Net Asset Value to $42.23 million for the month ended June 30, 2025, driven by significant unrealized gains on commodity futures.

Summary

• Net income for the month ended June 30, 2025, was $2,246,421.
• Total income for the month was $2,285,034, primarily driven by an unrealized gain of $2,469,682 on the market value of commodity futures.
• Realized trading loss on commodity futures amounted to $(329,090).
• Other income sources included Dividend Income of $74,990, Interest Income of $69,102, and ETF Transaction Fees of $350.
• Total expenses for the month were $38,613, comprising General Partner Management Fees ($20,763), Professional Fees ($16,320), Brokerage Commissions ($475), Directors' Fees and insurance ($535), and License fees ($520).
• Net Asset Value (NAV) at the beginning of June 2025 was $38,039,418.
• Additions to NAV included $1,942,681 from the issuance of 50,000 shares.
• The Net Asset Value at the end of June 2025 increased to $42,228,520.
• Net Asset Value Per Share, based on 1,200,000 shares outstanding, was $35.19 at month-end.

Sentiment

Score: 8

Explanation: The filing indicates strong positive performance for the month, characterized by significant net income, substantial unrealized gains on futures, and a notable increase in Net Asset Value, despite a realized trading loss.

Positives

• Achieved a net income of $2,246,421 for the month, indicating profitable operations.
• Experienced a significant unrealized gain of $2,469,682 on the market value of commodity futures, contributing substantially to total income.
• Net Asset Value increased from $38,039,418 at the beginning of the month to $42,228,520 by month-end, reflecting growth in the fund's assets.
• Successfully raised capital through the addition of 50,000 shares, contributing $1,942,681 to the fund's assets.

Negatives

• Incurred a realized trading loss of $(329,090) on commodity futures during the month.

Future Outlook

No specific forward-looking statements or guidance were provided in this monthly account statement beyond the routine reporting requirements.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States 12 Month Oil Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended June 30, 2025, is accurate and complete.

Industry Context

This filing provides a snapshot of the United States 12 Month Oil Fund's performance, which is directly tied to the dynamics of the oil futures market. Its financial results, particularly the unrealized gains on commodity futures, reflect the prevailing market conditions and price movements in the energy sector during June 2025.

Related Party Transactions

• General Partner Management Fees of $20,763 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders benefit from the increase in Net Asset Value, which directly impacts the value of their holdings.
• The fund's positive net income indicates effective management of its investment strategy for the benefit of its limited partners.

Next Steps

• Continued routine monthly financial reporting as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Keywords

Oil Fund, Commodity Fund, Futures, Energy, Investment Fund, USL, SEC Filing, Monthly Report, Net Asset Value, Commodity Exchange Act