8-K: United States Brent Oil Fund Monthly Account Statement

United States Brent Oil Fund, LP reports a net loss of $1,285,663 for September 2025.

Summary

• The United States Brent Oil Fund, LP issued its monthly account statement for September 30, 2025.
• The fund experienced a net loss of $1,285,663 for the month.
• Realized trading gain on commodity futures was $2,970,860.
• Unrealized loss on market value of commodity futures was $4,505,050.
• Dividend income totaled $254,722.
• Interest income was $92,077.
• ETF transaction fees amounted to $2,800.
• Total expenses were $101,072, including $64,588 in general partner management fees.
• Net asset value at the end of the month was $101,981,085, with 3,400,000 shares outstanding at a value of $29.99 per share.
• Additions of 250,000 shares totaled $7,596,662.
• Withdrawals of 500,000 shares totaled $15,080,945.

Sentiment

Score: 3

Explanation: The filing indicates a net loss and unrealized losses, suggesting a negative sentiment.

Positives

• Realized trading gain on commodity futures was $2,970,860.
• Dividend income totaled $254,722.
• Interest income was $92,077.

Negatives

• The fund experienced a net loss of $1,285,663 for the month.
• Unrealized loss on market value of commodity futures was $4,505,050.
• Withdrawals exceeded additions by $7,484,283.

Risks

• The fund's performance is subject to fluctuations in commodity futures markets, as evidenced by the unrealized loss on market value of commodity futures.
• Changes in interest rates and dividend yields could impact the fund's income.
• Trading losses can negatively impact net asset value.

Future Outlook

The filing does not contain any specific forward-looking statements or guidance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the General Partner of United States Brent Oil Fund, LP, represents that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of a commodity-based exchange-traded fund (ETF) focused on Brent crude oil futures. Performance is affected by oil price volatility, interest rates, and dividend yields.

Comparison to Industry Standards

• Comparable companies include other oil and gas commodity ETFs such as the United States Oil Fund (USO) and the Invesco DB Oil Fund (DBO).
• Performance can be benchmarked against the spot price of Brent crude oil and relevant futures contracts.
• Expense ratios should be compared to similar commodity ETFs to assess cost-effectiveness.

Stakeholder Impact

• Shareholders experienced a decrease in net asset value per share.
• Limited partners are provided with a detailed account statement as required by the Commodity Exchange Act.

Key Dates

Recommendation

The fund experienced a net loss and unrealized losses, suggesting a negative sentiment. Withdrawals exceeded additions, reducing the net asset value. This suggests a sell recommendation.

Keywords

Brent Oil Fund, Commodity Futures, Net Asset Value, Monthly Account Statement, Oil, BNO