8-K: US Brent Oil Fund Reports $16.38M Net Income in January

United States Brent Oil Fund, LP reported a net income of $16.38 million for January 2026, driven by significant trading gains.

Summary

• United States Brent Oil Fund, LP (BNO) reported a net income of $16,379,067 for the month ended January 31, 2026.
• Total income for the month was $16,483,600, primarily from realized trading gains of $8,585,390 and unrealized gains of $7,566,180 on commodity futures.
• The fund's Net Asset Value (NAV) increased from $100,436,504 at the beginning of January to $135,515,192 by month-end.
• Additions to the fund included 650,000 shares, totaling $20,210,549, while withdrawals amounted to 50,000 shares, or $1,510,928.
• Net Asset Value Per Share at January 31, 2026, was $32.65, based on 4,150,000 shares outstanding.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive report, reflecting significant trading gains and a substantial increase in Net Asset Value for the month. The fund demonstrated robust performance in the Brent oil market.

Positives

• Realized trading gain on commodity futures of $8,585,390.
• Unrealized gain on market value of commodity futures of $7,566,180.
• Total income of $16,483,600 for the month.
• Net income of $16,379,067, indicating strong profitability.
• Significant increase in Net Asset Value (NAV) from $100,436,504 to $135,515,192.
• Positive additions of 650,000 shares, contributing $20,210,549 to the fund.

Negatives

• Total expenses amounted to $104,533, including General Partner Management Fees of $69,651, Professional Fees of $18,865, Brokerage Commissions of $8,832, and Directors' Fees and insurance of $7,185.
• Withdrawals of 50,000 shares, totaling $1,510,928, occurred during the month.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended January 31, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that the United States Brent Oil Fund's performance is directly correlated with the price movements of Brent crude oil futures. The significant trading gains reported suggest a favorable market environment for Brent oil during January 2026, indicating either an increase in Brent oil prices or successful active management of futures positions. This performance aligns with the inherent volatility and potential for substantial gains or losses in the global energy commodity markets.

Comparison to Industry Standards

• StockSavvy.ai notes that without specific industry benchmarks or competitor performance data within the filing, a direct comparison to industry standards for commodity funds is not feasible. However, the fund's reported net income of $16.38 million on a starting NAV of approximately $100.44 million represents a strong monthly return, which would generally be considered robust within the commodity ETF sector, assuming similar risk profiles.

Related Party Transactions

• General Partner Management Fees of $69,651 were paid to United States Commodity Funds LLC, which is the general partner of the registrant.

Stakeholder Impact

• Shareholders (Limited Partners) benefited from the significant increase in Net Asset Value Per Share, rising from an implied value at the start of the month to $32.65 by month-end, reflecting strong investment performance.
• The General Partner, United States Commodity Funds LLC, received management fees, indicating continued operational revenue.

Key Dates

Recommendation

The fund demonstrated strong performance in January 2026 with significant net income and NAV growth, indicating effective management of its Brent oil futures positions during the period. However, as a commodity fund, its performance is inherently tied to the volatile Brent oil market. While the past month was excellent, future performance remains subject to market fluctuations. Existing investors may hold to benefit from potential continued upside, but new investors should conduct further due diligence on current market conditions and their risk tolerance before investing, as this report is backward-looking.

Keywords

Brent Oil, Commodity Futures, ETF, Net Asset Value, Trading Gain, Energy, Investment Fund, BNO