8-K: Brent Oil Fund Reports November Net Loss Amid Futures Decline

United States Brent Oil Fund, LP reported a net loss of $2.7 million for November 2025, with Net Asset Value per share at $28.79.

Summary

• The fund recorded a Net Income (Loss) of $(2,708,289) for the month ended November 30, 2025.
• Total Income (Loss) for the month was $(2,616,689), primarily driven by an unrealized loss of $(7,189,840) on the market value of commodity futures.
• Realized trading gains on commodity futures amounted to $4,277,110.
• Net Asset Value (NAV) at the end of November 2025 stood at $96,435,903, an increase from $94,744,984 at the beginning of the month.
• The NAV per share was $28.79, based on 3,350,000 shares outstanding.
• The fund issued 150,000 shares, contributing $4,399,208 to the Net Asset Value during the month.

Sentiment

Score: 4

Explanation: The fund experienced a net loss primarily due to significant unrealized losses on commodity futures, indicating unfavorable market movements for its holdings during the month. While there were realized gains and an increase in overall NAV due to new share issuance, the core trading performance was negative.

Positives

• Realized trading gains on commodity futures totaled $4,277,110.
• The fund successfully raised $4,399,208 through the issuance of 150,000 new shares.
• Net Asset Value increased from $94,744,984 at the start of November to $96,435,903 by month-end.

Negatives

• The fund reported a Net Income (Loss) of $(2,708,289) for November 2025.
• A significant unrealized loss of $(7,189,840) on the market value of commodity futures negatively impacted overall income.

Risks

• Exposure to significant unrealized losses on commodity futures, as demonstrated by the $(7,189,840) unrealized loss in November, indicates the inherent volatility of the underlying assets.
• The fund's performance is directly tied to the fluctuating and often unpredictable Brent crude oil market.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the historical monthly performance data.

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 monthly performance of an exchange-traded fund (ETF) designed to track Brent crude oil futures. The fund's financial results are directly influenced by global crude oil prices, geopolitical events, and supply-demand dynamics in the energy markets. The reported significant unrealized loss suggests a decline in Brent oil futures prices during November 2025, impacting the fund's overall profitability despite some realized gains.

Comparison to Industry Standards

• As an ETF tracking Brent crude oil futures, its performance is primarily benchmarked against the daily price movements of Brent crude oil. Direct comparisons to specific oil exploration or production companies are not applicable, as it is a passively managed fund designed to reflect the performance of its underlying commodity.
• Operational expenses, such as management fees and brokerage commissions, would typically be assessed against those of other commodity ETFs to evaluate cost efficiency within the sector.

Related Party Transactions

• General Partner Management Fees of $58,627 were incurred, paid to United States Commodity Funds LLC, which serves as the general partner of the fund.

Stakeholder Impact

• Shareholders experienced a decline in the Net Asset Value per share from the beginning of the month, reflecting the net loss from trading activities.
• New investors who purchased the 150,000 shares contributed $4,399,208 to the fund's capital, increasing its overall asset base.

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

While the fund experienced a net loss due to unrealized declines in Brent oil futures, it also demonstrated realized gains and attracted new capital through share issuance. As an ETF, its performance is directly tied to the underlying commodity. Investors should hold if they maintain a long-term bullish outlook on Brent crude oil, but be aware of the inherent volatility and potential for short-term losses as seen this month. The fund's structure and purpose remain consistent, making it suitable for those seeking direct exposure to Brent oil prices.

Keywords

Brent Oil Fund, BNO, Commodity Futures, Net Asset Value, NAV, Oil ETF, Energy, SEC Filing, Form 8-K, Monthly Statement, Crude Oil