8-K: United States Brent Oil Fund April 2026 Monthly Report

United States Brent Oil Fund, LP reports a net income of $81.16 million for the month ended April 30, 2026.

Summary

• The fund reported a total income of $81.77 million for April 2026.
• Net income for the period was $81.16 million, driven by $149.82 million in unrealized gains on commodity futures, partially offset by $70.46 million in realized trading losses.
• Net Asset Value (NAV) at the end of April 2026 was $858.52 million.
• The NAV per share was $58.20 based on 14.75 million shares outstanding.
• Total expenses for the month were $610,483.

Sentiment

Score: 5

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

Positives

• Positive net income of $81.16 million for the month.
• Strong unrealized gains on commodity futures totaling $149.82 million.
• Healthy interest and dividend income streams totaling approximately $2.4 million.

Negatives

• Realized trading losses on commodity futures amounted to $70.46 million.
• Significant net withdrawal of capital, with 6.5 million shares redeemed compared to 2.9 million shares issued.

Risks

• Market volatility inherent in Brent crude oil futures contracts.
• Exposure to commodity price fluctuations impacting unrealized gains/losses.
• Liquidity risk associated with large share redemptions.

Future Outlook

The filing does not provide specific forward-looking guidance, as it is a standard monthly account statement required by the Commodity Exchange Act.

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 routine regulatory disclosure for a commodity-based ETF. The performance reflects the underlying volatility of the Brent crude oil market, which remains sensitive to geopolitical tensions and global supply-demand dynamics.

Comparison to Industry Standards

• The fund operates in line with standard commodity ETF reporting requirements under the Commodity Exchange Act.
• Performance is highly correlated with Brent crude oil benchmarks, consistent with peers like BNO's direct competitors in the energy commodity space.

Stakeholder Impact

• Shareholders are provided with updated NAV and performance data.
• The fund continues to facilitate liquidity through share issuance and redemption processes.

Next Steps

• Continued monitoring of Brent crude oil market conditions.
• Preparation of the next monthly account statement for May 2026.

Key Dates

Keywords

BNO, Brent Oil, Commodity Futures, ETF, Net Asset Value, Energy Investing