8-K: US 12 Month Oil Fund Reports August Net Loss

United States 12 Month Oil Fund, LP reported a net loss of $2.14 million for August 2025, driven by significant unrealized losses on commodity futures.

Summary

• The United States 12 Month Oil Fund, LP experienced a net loss of $2,140,416 for the month ended August 31, 2025.
• Total income (loss) for the month was $(2,099,044), primarily due to a $(2,028,450) unrealized loss on the market value of commodity futures and a $(222,140) realized trading loss.
• The fund's Net Asset Value (NAV) decreased from $45,407,514 at the beginning of August 2025 to $43,267,098 by month-end.
• Net Asset Value Per Share stood at $36.06 based on 1,200,000 shares outstanding at the end of August 2025.
• Expenses for the month totaled $41,372, including general partner management fees, professional fees, brokerage commissions, directors' fees, insurance, and license fees.

Sentiment

Score: 3

Explanation: The sentiment is negative due to a substantial net loss and a decrease in Net Asset Value, primarily driven by unfavorable commodity futures trading results.

Positives

• The fund generated $113,394 in dividend income during the month.
• Interest income contributed $38,152 to the fund's total income.

Negatives

• The fund reported a significant net loss of $2,140,416 for the month ended August 31, 2025.
• Unrealized losses on the market value of commodity futures amounted to $2,028,450.
• Realized trading losses on commodity futures were $222,140.
• The Net Asset Value (NAV) declined by $2,140,416 from the beginning to the end of August 2025.

Future Outlook

The filing does not contain any explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

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

Industry Context

The reported losses for the United States 12 Month Oil Fund, LP reflect the performance of its commodity futures positions during August 2025. This indicates that the underlying oil market or the fund's specific futures strategy experienced unfavorable movements, leading to significant unrealized and realized trading losses. Such performance is directly tied to the volatility and price trends within the global oil and energy markets during that period.

Stakeholder Impact

• Shareholders experienced a decrease in the Net Asset Value per share, reflecting a decline in their investment value during the month.

Next Steps

• The Registrant will continue to issue monthly account statements as required pursuant to Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund reported a significant net loss and a decline in Net Asset Value for the month, driven by substantial trading losses in commodity futures. This immediate negative performance suggests a 'sell' recommendation for investors seeking to avoid further short-term capital erosion, especially if the underlying market conditions for oil futures remain unfavorable or volatile. A seasoned investor would likely view these results as a strong indicator of underperformance for the period.

Keywords

Oil Fund, Commodity Futures, USL, Energy, Investment, Net Asset Value, Trading Loss