8-K: United States Brent Oil Fund Reports Strong June Performance with $6.86 Million Net Income

United States Brent Oil Fund, LP announced its monthly account statement for June 2025, reporting a net income of $6.86 million and a significant increase in Net Asset Value to over $103 million.

Summary

• Net Income for June 2025 was $6,859,467.
• Total Income for the month was $6,951,132, primarily driven by a realized trading gain of $14,687,470 on commodity futures.
• Total Expenses amounted to $91,665, with General Partner Management Fees being the largest component at $57,754.
• Net Asset Value (NAV) increased from $82,059,379 at the beginning of June to $103,793,477 by month-end.
• The fund issued 550,000 new shares, contributing $16,329,073, and redeemed 50,000 shares, resulting in withdrawals of $1,454,442.
• NAV per share at the end of June was $29.24, based on 3,550,000 shares outstanding.

Sentiment

Score: 8

Explanation: The fund reported strong positive net income and a substantial increase in Net Asset Value, indicating effective management of its commodity positions and positive investor sentiment leading to capital inflows, despite some unrealized losses.

Positives

• Generated a net income of $6,859,467 for the month of June 2025.
• Achieved a significant realized trading gain of $14,687,470 on commodity futures.
• Net Asset Value (NAV) increased substantially from $82,059,379 to $103,793,477 during June.
• Experienced net additions of shares (500,000 shares), indicating investor interest and capital inflow.
• Received additional income from dividends ($155,650) and interest ($162,882).

Negatives

• Incurred an unrealized loss of $8,056,970 on the market value of commodity futures, partially offsetting realized gains.
• Total expenses for the month were $91,665, including General Partner Management Fees of $57,754.

Future Outlook

No forward-looking statements or guidance are provided in this monthly account statement.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (the General Partner), affirmed that the information in the Account Statement for June 2025 is accurate and complete to the best of his knowledge and belief.

Industry Context

This filing reflects the performance of a Brent crude oil-focused commodity fund. Its financial results, particularly trading gains and losses, are directly influenced by the volatility and price movements in the global Brent oil market during June 2025. The fund's ability to generate positive net income and increase NAV suggests effective management of its futures positions within the prevailing market conditions for crude oil.

Comparison to Industry Standards

• As a commodity-tracking ETF, the fund's performance is primarily benchmarked against the price movements of Brent crude oil futures. Without specific Brent oil price data for June 2025, a direct comparison to the underlying commodity's performance cannot be made from this filing alone.
• Comparable funds in the commodity ETF space, such as the United States Oil Fund, LP (USO) or other energy-focused ETFs, would offer a more direct comparison of management effectiveness and expense ratios, though specific data for these comparables is not provided in this filing.
• The expense ratio, derived from the total expenses ($91,665) relative to the average NAV (approx. $92.9 million), appears to be in line with typical actively managed commodity funds, but a precise industry average for June 2025 is not available within the filing.

Related Party Transactions

• General Partner Management Fees of $57,754 were paid to United States Commodity Funds LLC, which is the General Partner of the fund.

Stakeholder Impact

• Shareholders: Experienced an increase in Net Asset Value per share and overall fund value, indicating positive returns for the month.
• General Partner (United States Commodity Funds LLC): Received management fees, benefiting from the fund's operations.

Next Steps

• The fund is expected to issue its next monthly account statement for the month ended July 31, 2025, as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

While the fund demonstrated strong positive performance for the month of June with significant net income and NAV growth, commodity funds are inherently volatile and subject to market fluctuations. This monthly report reflects past performance and does not provide forward-looking guidance. A "hold" recommendation is appropriate as the fund is performing as expected for a commodity ETF in a potentially favorable market, but its long-term performance is tied to the unpredictable nature of Brent oil prices. Investors should monitor future monthly statements and broader oil market trends.

Keywords

Brent Oil, Commodity Fund, ETF, Energy Futures, Net Asset Value, Trading Gain, SEC Filing, 8-K, USCF Investments, BNO