8-K: USL Reports September 2025 Net Loss, NAV Declines

United States 12 Month Oil Fund, LP reported a net loss of $664,853 for September 2025, with Net Asset Value declining to $40.8 million.

Summary

• The fund reported a net loss of $664,853 for the month ended September 30, 2025.
• Total income (loss) for the month was $(624,782), primarily due to significant trading losses.
• Realized trading loss on commodity futures amounted to $(296,780).
• Unrealized loss on the market value of commodity futures was $(471,300).
• These losses were partially offset by dividend income of $107,777 and interest income of $35,171.
• Total expenses for the month were $40,071, which included $21,105 in General Partner Management Fees.
• Net Asset Value (NAV) decreased from $43,267,098 at the beginning of September to $40,825,678 by month-end.
• Withdrawals of 50,000 shares, valued at $1,776,567, also contributed to the reduction in NAV.
• The Net Asset Value per share at the end of September was $35.50, based on 1,150,000 shares outstanding.

Sentiment

Score: 3

Explanation: The fund experienced a net loss driven by significant realized and unrealized trading losses on commodity futures, leading to a decline in Net Asset Value. While there was some dividend and interest income, the overall financial performance for the month was negative.

Positives

• Generated dividend income of $107,777 during the month.
• Earned interest income of $35,171 for the period.

Negatives

• Reported a net loss of $664,853 for the month ended September 30, 2025.
• Experienced significant realized trading losses of $296,780 on commodity futures.
• Incurred substantial unrealized losses of $471,300 on the market value of commodity futures.
• Net Asset Value (NAV) declined by approximately $2.44 million, from $43,267,098 to $40,825,678.
• Net Asset Value per share decreased to $35.50 at month-end.

Risks

• The fund is exposed to significant market risk from fluctuations in commodity futures prices, as evidenced by the realized and unrealized trading losses incurred.
• The fund's performance is directly tied to the volatile nature of the oil market, which can lead to substantial gains or losses.

Future Outlook

The filing does not contain any explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

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

Industry Context

This monthly account statement reflects the performance of a commodity fund focused on oil futures. The reported losses in realized and unrealized trading suggest a challenging month for oil prices or the fund's specific futures positions, which is common in the volatile commodity market. Such funds are directly impacted by global supply and demand dynamics, geopolitical events, and economic indicators affecting crude oil prices.

Comparison to Industry Standards

• Without specific benchmarks for September 2025 performance of comparable 12-month oil funds or broader oil market indices, a direct quantitative comparison is not feasible based solely on this filing.
• However, a net loss and significant trading losses indicate underperformance relative to a neutral or positive market scenario for oil futures during the period.

Related Party Transactions

• General Partner Management Fees of $21,105 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, reflecting the fund's negative performance for the month.
• The fund's general partner, United States Commodity Funds LLC, received management fees, indicating continued operational activity.

Next Steps

• The fund will continue to issue monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund reported a net loss for the month, driven by substantial realized and unrealized trading losses in commodity futures. This negative performance, coupled with a decline in Net Asset Value per share, indicates a challenging period for the fund. For a seasoned investor, consistent losses and NAV erosion would typically signal a 'sell' or 'reduce' position, especially in a volatile commodity-tracking fund, unless there is a strong conviction in an immediate and significant rebound in oil prices that is not evident in this filing.

Keywords

Oil Fund, Commodity Futures, USL, Net Asset Value, Energy ETF, Trading Loss, SEC Filing, Monthly Statement, Oil Prices, Commodity Exchange Act