8-K: United States Brent Oil Fund Reports $3.1 Million Net Income and Increased Net Asset Value for May 2025

The United States Brent Oil Fund, LP reported a net income of $3.1 million and an increase in its Net Asset Value to $82.06 million for the month ended May 31, 2025, driven primarily by unrealized gains on commodity futures.

Summary

• The United States Brent Oil Fund, LP (BNO) filed its monthly account statement for the month ended May 31, 2025, as required by Rule 4.22 under the Commodity Exchange Act.
• The fund recorded a Net Income of $3,106,169 for the month.
• Total Income (Loss) for the month was $3,192,778, primarily driven by an Unrealized Gain on Market Value of Commodity Futures of $3,515,000.
• The fund experienced a Realized Trading Loss on Commodity Futures of $(613,840).
• Other income sources included Dividend Income of $160,648, Interest Income of $128,870, and ETF Transaction Fees of $2,100.
• Total Expenses for the month amounted to $86,609, comprising General Partner Management Fees ($53,025), Professional Fees ($25,796), Brokerage Commissions ($6,612), and Directors' Fees and insurance ($1,176).
• The Net Asset Value (NAV) at the beginning of May 2025 was $74,969,392.
• Additions to the fund included 300,000 shares valued at $8,068,938, while withdrawals amounted to (150,000) shares valued at $(4,085,120).
• The Net Asset Value at the end of May 2025 increased to $82,059,379.
• The Net Asset Value Per Share at month-end was $26.90, based on 3,050,000 shares outstanding.

Sentiment

Score: 7

Explanation: The fund reported positive net income and an increase in Net Asset Value, indicating a favorable performance for the month, primarily driven by unrealized gains on its commodity futures positions.

Positives

• The fund reported a strong Net Income of $3,106,169 for the month ended May 31, 2025.
• Net Asset Value increased significantly from $74,969,392 at the beginning of the month to $82,059,379 at month-end, indicating growth in fund assets.
• A substantial Unrealized Gain on Market Value of Commodity Futures of $3,515,000 contributed positively to the fund's income.
• The fund generated additional income from dividends ($160,648), interest ($128,870), and ETF transaction fees ($2,100).

Negatives

• The fund experienced a Realized Trading Loss on Commodity Futures of $(613,840) during the month.

Future Outlook

NA

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States Brent Oil Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2025, is accurate and complete.

Industry Context

The performance of the United States Brent Oil Fund, LP is directly tied to the movements in Brent crude oil prices. The reported unrealized gains suggest a favorable market environment for Brent oil during May 2025, which positively impacted the fund's asset value.

Stakeholder Impact

• Shareholders: The increase in Net Asset Value per share from the beginning to the end of the month indicates a positive return for existing shareholders during May 2025.

Key Dates

Keywords

United States Brent Oil Fund, BNO, Commodity Futures, Net Asset Value, SEC Filing, 8-K, Oil Fund, Brent Oil, Monthly Account Statement, Commodity Exchange Act, Financial Report