8-K: USL Monthly Account Statement for April 2026

United States 12 Month Oil Fund, LP reports a net income of $6.83 million for the month ended April 30, 2026.

Summary

• The fund reported a total income of $6,873,830 for April 2026.
• Net income for the period was $6,830,154 after accounting for $43,676 in expenses.
• The Net Asset Value (NAV) at the end of the month was $59,033,804.
• The NAV per share was $53.67 based on 1,100,000 shares outstanding.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine regulatory disclosure providing transparency into the fund's monthly performance without signaling strategic shifts.

Positives

• Realized trading gains on commodity futures reached $5,249,516.
• Unrealized gains on the market value of commodity futures contributed $1,458,470 to income.
• Operating expenses remain low at $43,676 relative to total income.

Negatives

• The fund experienced net withdrawals of 250,000 shares, totaling $12,373,811 in value.
• Total shares outstanding decreased from the beginning of the month.

Risks

• Market volatility in commodity futures prices directly impacts the fund's net income and NAV.
• Reliance on the performance of oil futures contracts to generate returns.

Future Outlook

No specific forward-looking guidance was provided in this monthly account statement.

Management Comments

• Stuart P. Crumbaugh, CFO, certified that the information contained in the Account Statement for the month ended April 30, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that this filing is a standard regulatory disclosure for commodity-based ETFs, reflecting the fund's performance in alignment with oil market price fluctuations during the period.

Comparison to Industry Standards

• The fund follows standard Commodity Exchange Act reporting requirements for commodity pools.
• Performance is highly correlated with the 12-month oil futures curve, consistent with similar commodity-linked ETFs.

Stakeholder Impact

• Shareholders are provided with updated NAV and performance data.
• General Partner continues to manage fund operations and fees.

Next Steps

• Continued monitoring of oil futures market performance.
• Issuance of the next monthly account statement for May 2026.

Key Dates

Keywords

USL, Oil Fund, Commodity Futures, NAV, Energy ETF