8-K: USL Reports November 2025 Net Asset Value Decline

United States 12 Month Oil Fund, LP reported a net loss of $1.29 million for November 2025, leading to a decrease in Net Asset Value.

Summary

• Net Income (Loss) for November 2025 was $(1,286,715).
• Total Income (Loss) was $(1,253,650), primarily driven by unrealized and realized trading losses on commodity futures.
• Total Expenses amounted to $33,065.
• Net Asset Value (NAV) decreased from $40,156,722 at the beginning of November to $38,870,007 at month-end.
• NAV per share stood at $33.80 based on 1,150,000 shares.

Sentiment

Score: 3

Explanation: The fund experienced substantial trading losses and a decline in Net Asset Value for the month, indicating a negative financial performance period. However, the filing itself is a routine monthly disclosure.

Positives

• Generated $85,560 in dividend income and $37,170 in interest income during the month.

Negatives

• Experienced a net loss of $1,286,715 for the month ended November 30, 2025.
• Realized trading losses on commodity futures totaled $466,078.
• Unrealized losses on the market value of commodity futures amounted to $910,302.
• Net Asset Value declined by $1,286,715 from the beginning to the end of November 2025.

Risks

• Exposure to volatility in commodity futures markets, resulting in significant realized and unrealized trading losses during the month.

Future Outlook

NA

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, as General Partner, represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended November 30, 2025, is accurate and complete.

Industry Context

This report reflects the performance of a commodity-focused investment fund, specifically tracking oil futures. Its performance is highly susceptible to volatility in global oil markets and commodity prices, which can be influenced by geopolitical events, supply-demand dynamics, and broader economic indicators. The reported losses suggest a challenging month for oil-related investments, potentially aligning with broader market trends or specific fund positioning.

Comparison to Industry Standards

• NA

Related Party Transactions

• General Partner Management Fees of $19,496 were incurred, paid to United States Commodity Funds LLC, the general partner.

Stakeholder Impact

• Shareholders: Experienced a decrease in Net Asset Value per share from the prior month, reflecting a negative return on investment for November 2025.
• General Partner: Received management fees of $19,496.

Next Steps

• NA

Key Dates

Recommendation

The fund reported a significant net loss of $1.29 million and a corresponding decline in Net Asset Value for November 2025, primarily due to substantial realized and unrealized trading losses in commodity futures. This negative performance indicates a challenging period for the fund's investment strategy in the current market environment. While this is a single month's performance, a seasoned investor would likely view such a decline as a strong signal to re-evaluate their position, potentially leading to a 'sell' recommendation to mitigate further potential losses or to reallocate capital to better-performing assets, especially given the inherent volatility of commodity funds.

Keywords

Oil Fund, Commodity Futures, Net Asset Value, USL, Financial Report, Trading Losses, SEC Filing, Investment Fund