8-K: US 12 Month Oil Fund Reports May 2026 Results

United States 12 Month Oil Fund, LP has released its monthly account statement for May 2026, reporting a net loss of $2,614,461.

Summary

• The United States 12 Month Oil Fund, LP (the Registrant) has issued its monthly account statement for the period ending May 31, 2026.
• The fund reported a total net loss of $2,614,461 for the month.
• This loss was primarily driven by an unrealized loss on the market value of commodity futures amounting to $6,349,556, partially offset by a realized trading gain on commodity futures of $3,613,175.
• Total expenses for the month were $48,394, including management fees, professional fees, brokerage commissions, directors' fees, and license fees.
• The Net Asset Value (NAV) at the beginning of May 2026 was $59,033,804.
• During the month, there were additions of $5,342,524 (from 100,000 shares) and withdrawals of $7,737,524 (from 150,000 shares).
• The Net Asset Value at the end of May 2026 was $54,024,343.
• The Net Asset Value per share as of May 31, 2026, was $51.45, based on 1,050,000 shares outstanding.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative sentiment due to the substantial net loss driven by unrealized losses in commodity futures, despite some realized gains.

Positives

• The fund experienced a realized trading gain on commodity futures of $3,613,175.
• Dividend income of $127,172 and interest income of $41,392 contributed positively to the fund's earnings.

Negatives

• The fund reported a significant unrealized loss on the market value of commodity futures totaling $6,349,556.
• The overall net loss for the month was $2,614,461.
• There were net withdrawals of $7,737,524 from the fund during the month.

Risks

• The primary risk highlighted is the volatility of commodity futures markets, as evidenced by the substantial unrealized loss on commodity futures.
• Market fluctuations can lead to significant unrealized gains or losses, impacting the fund's net asset value.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the monthly account statement for May 2026.

Management Comments

• To the Limited Partners of United States 12 Month Oil Fund, LP: Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2026 is accurate and complete.

Industry Context

StockSavvy.ai notes that the performance of oil funds is highly sensitive to commodity price fluctuations and geopolitical events. The significant unrealized loss suggests market headwinds impacting oil futures during May 2026, a period that may have seen increased volatility or bearish sentiment in the energy markets.

Stakeholder Impact

• Shareholders (Limited Partners) are directly impacted by the decrease in Net Asset Value and the net loss reported for the month.
• The fund's performance may affect investor confidence and future investment decisions.

Next Steps

• The fund will continue to issue monthly account statements as required by regulations.
• Ongoing management of commodity futures and other assets to mitigate risks and seek gains.

Key Dates

Recommendation

The filing indicates a period of negative performance driven by market volatility in commodity futures. While there were realized gains, the unrealized losses are significant. A 'hold' recommendation is appropriate given the nature of commodity funds, which are subject to inherent price fluctuations. Investors should monitor future reports for signs of recovery or sustained losses.

Keywords

Oil Fund, Commodity Futures, Monthly Account Statement, SEC Filing, 8-K, Net Asset Value, Trading Gain, Unrealized Loss, Investment Fund