8-K: US 12 Month Oil Fund Reports December 2025 Loss

United States 12 Month Oil Fund, LP reported a net loss of $543,640 for December 2025, with net asset value declining to $36.64 million.

Summary

• United States 12 Month Oil Fund, LP (USL) issued its monthly account statement for the month ended December 31, 2025.
• The fund experienced a total income (loss) of $(518,423) for December 2025.
• Total expenses for the month amounted to $25,217.
• The net income (loss) for December 2025 was $(543,640).
• Net Asset Value (NAV) at the beginning of December 2025 was $38,870,007.
• Withdrawals of 50,000 shares resulted in a reduction of $1,682,727 from NAV.
• The Net Asset Value at the end of December 2025 was $36,643,640.
• Net Asset Value Per Share, based on 1,100,000 shares, was $33.31 at month-end.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative report due to the significant net loss and decline in Net Asset Value for the month, driven by losses in commodity futures.

Positives

• The fund generated dividend income of $84,726 during December 2025.
• Interest income contributed $33,322 to the fund's performance.
• ETF transaction fees added $350 in income.

Negatives

• The fund reported a net loss of $(543,640) for the month ended December 31, 2025.
• Realized trading loss on commodity futures was $(454,489).
• Unrealized loss on market value of commodity futures was $(182,332).
• The Net Asset Value declined from $38,870,007 at the beginning of the month to $36,643,640 at month-end.
• Share withdrawals reduced the NAV by $1,682,727.

Future Outlook

NA

Management Comments

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

Industry Context

StockSavvy.ai notes that this filing is a routine monthly account statement for a commodity fund, reflecting its performance for December 2025. It does not provide broader industry trends or competitive analysis, focusing solely on the fund's internal financial metrics for the reported period.

Related Party Transactions

• General Partner Management Fees of $19,622 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders experienced a decrease in the Net Asset Value Per Share from the beginning to the end of the month, reflecting a decline in their investment value.
• The fund's general partner, United States Commodity Funds LLC, received management fees despite the fund's net loss.

Key Dates

Recommendation

While the fund reported a net loss and a decline in NAV for December, this is a single monthly report for a commodity fund, which inherently experiences volatility. A 'hold' recommendation is appropriate as this report alone does not establish a long-term trend, and further analysis of market conditions and subsequent performance would be needed for a stronger directional call.

Keywords

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