8-K: USL Reports February 2026 Monthly Account Statement

United States 12 Month Oil Fund, LP reported a net income of $1.52 million for February 2026, with Net Asset Value reaching $43.98 million.

Summary

• Net Income for February 2026 was $1,518,244.
• Total Income (Loss) for the month was $1,551,316, primarily driven by an unrealized gain on market value of commodity futures of $1,454,650.
• Realized trading loss on commodity futures was $(20,840).
• Total Expenses amounted to $33,072, including General Partner Management Fees of $19,969.
• Net Asset Value (NAV) increased from $40,704,362 at the beginning of February to $43,981,289 at month-end.
• The fund experienced additions of 150,000 shares totaling $5,503,317 and withdrawals of 100,000 shares totaling $(3,744,634).
• Net Asset Value Per Share at the end of February was $38.24, based on 1,150,000 shares outstanding.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive but routine update, reflecting solid performance for the month driven by unrealized gains in commodity futures, which is typical for a well-managed oil fund in a favorable market.

Positives

• Generated a net income of $1,518,244 for the month of February 2026.
• Experienced a significant unrealized gain on the market value of commodity futures, totaling $1,454,650.
• Net Asset Value increased by over $3.2 million, from $40,704,362 to $43,981,289 during the month.
• Dividend income of $73,746 and interest income of $42,360 contributed positively to total income.

Negatives

• Incurred a realized trading loss on commodity futures of $(20,840).
• General Partner Management Fees were $19,969, representing the largest expense component.

Management Comments

• To the best of his knowledge and belief, the information contained in the Account Statement for the month ended February 28, 2026 is accurate and complete.

Industry Context

StockSavvy.ai notes that this monthly account statement provides a routine transparency update for investors in commodity-linked exchange-traded products, reflecting the fund's performance in the volatile oil futures market during February 2026. The significant unrealized gains suggest a favorable market movement for the fund's positions during the period.

Related Party Transactions

• General Partner Management Fees of $19,969 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders: Experienced an increase in Net Asset Value per share and overall fund value, indicating positive returns for the month.

Key Dates

Recommendation

The filing presents a routine monthly account statement with positive net income and NAV growth for February 2026, primarily due to unrealized gains. While the performance is favorable, it's a standard operational update for a commodity fund and does not present new strategic information or significant unexpected events that would warrant a change from a 'hold' position for a seasoned investor. The fund is performing as expected within its mandate.

Keywords

USL, United States 12 Month Oil Fund, Commodity Futures, Oil Fund, Net Asset Value, Financial Report, February 2026, SEC Filing, 8-K, Commodity Exchange Act