8-K: United States Gasoline Fund, LP Reports $1.3 Million Net Income for January 2025

United States Gasoline Fund, LP announces a net income of $1.3 million for the month of January 2025, driven by trading gains and offset by unrealized losses.

Summary

• United States Gasoline Fund, LP reported its monthly account statement for January 31, 2025.
• The fund generated a net income of $1,301,725 for the month.
• Realized trading gains on commodity futures were $7,869,061, while unrealized losses were $(6,832,110).
• Dividend income was $130,118 and interest income was $228,957.
• Total expenses amounted to $95,001, including management fees, professional fees, and brokerage commissions.
• The net asset value at the end of January was $101,930,082, with a net asset value per share of $63.71 based on 1,600,000 shares.
• There were additions of $3,187,709 and withdrawals of $(3,270,243) related to 50,000 shares each.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The fund reports a profit, but there are also significant unrealized losses. The overall performance seems reasonable given the nature of commodity trading.

Positives

• The fund generated a net income of $1.3 million.
• Realized trading gains on commodity futures were significant at $7.87 million.
• The fund experienced an increase in net asset value during the month.

Negatives

• The fund experienced unrealized losses on market value of commodity futures of $(6.83) million.

Risks

• Fluctuations in commodity futures markets can significantly impact the fund's performance.
• Unrealized losses can offset realized gains, affecting overall profitability.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, 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 investment fund, reflecting the volatility and potential profitability associated with trading in gasoline futures. Similar funds are impacted by global supply and demand dynamics, geopolitical events, and economic indicators.

Comparison to Industry Standards

• Comparable funds like the Invesco DB Oil Fund (DBO) and the United States Oil Fund (USO) also track commodity futures.
• Performance is typically benchmarked against indices like the Bloomberg Commodity Index or specific energy sub-indices.
• The reported gains and losses should be evaluated in the context of overall market conditions and the fund's specific investment strategy compared to these benchmarks.

Stakeholder Impact

• Shareholders will be interested in the fund's profitability and net asset value.
• The report provides transparency to limited partners regarding the fund's financial performance.
• The fund's performance impacts the broader commodity market and investor confidence in similar investment vehicles.

Key Dates