8-K: United States 12 Month Oil Fund Reports Strong Net Income for June 2024

The United States 12 Month Oil Fund, LP reported a net income of $2,797,714 for the month ended June 30, 2024, driven by gains in commodity futures trading.

Summary

• The United States 12 Month Oil Fund, LP released its monthly account statement for June 2024.
• The fund reported a total income of $2,844,682, primarily from realized and unrealized gains on commodity futures.
• Total expenses for the month were $46,968, including management, professional, and brokerage fees.
• The fund's net income for June was $2,797,714.
• The net asset value of the fund increased from $62,073,570 at the beginning of June to $64,871,284 at the end of the month.
• The net asset value per share was $40.54, based on 1,600,000 shares.

Sentiment

Score: 8

Explanation: The document presents a very positive financial performance for the month, with strong gains in net income and net asset value. The sentiment is positive due to the strong financial results.

Positives

• The fund experienced significant gains from commodity futures trading, contributing to a strong net income.
• The fund's net asset value saw a substantial increase during the month.
• The net asset value per share increased to $40.54.

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 market fluctuations in the oil and futures markets. The results are indicative of the fund's ability to capitalize on market movements during the reporting period.

Comparison to Industry Standards

• The fund's performance is comparable to other commodity-based ETFs, with the net income being driven by the volatility of the oil market.
• The fund's management fees are within the typical range for similar investment vehicles.
• The fund's net asset value increase is a positive sign for investors, indicating effective management of the fund's assets.

Stakeholder Impact

• Shareholders will likely view the increase in net asset value and net income positively.
• The fund's performance may attract new investors.

Key Dates

Keywords

Oil Fund, Commodity Futures, Net Asset Value, Monthly Account Statement, USL, Trading Gain, Net Income