8-K: United States Gasoline Fund Reports $2.4 Million Net Loss in November

The United States Gasoline Fund, LP reported a net loss of $2.4 million for the month of November 2024, according to its monthly account statement.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for November 2024.
• The fund experienced a net loss of $2,428,913 for the month.
• This loss is primarily due to a realized trading loss on commodity futures of $3,341,445, partially offset by unrealized gains and other income.
• The fund's total income was a loss of $2,331,693.
• Total expenses for the month were $97,220, including management fees, professional fees, and brokerage commissions.
• The fund's net asset value increased from $97,500,745 to $98,401,480 during the month, due to share transactions.
• The net asset value per share was $59.64 based on 1,650,000 shares.

Sentiment

Score: 3

Explanation: The document reports a significant net loss and a large realized trading loss, indicating a negative sentiment from an investment perspective. While there were some positive aspects, the overall financial performance is concerning.

Positives

• The fund experienced unrealized gains on commodity futures of $631,478.
• The fund had dividend income of $135,189 and interest income of $241,685.
• The fund's net asset value increased by $900,735 during the month.

Negatives

• The fund experienced a significant realized trading loss on commodity futures of $3,341,445.
• The fund's total income was a loss of $2,331,693.
• The fund reported a net loss of $2,428,913 for the month.

Risks

• The fund's performance is heavily influenced by the volatility of commodity futures markets.
• Realized trading losses can significantly impact the fund's overall profitability.
• Fluctuations in market value of commodity futures can lead to unrealized gains or losses.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, stated that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report reflects the performance of a commodity-based exchange-traded fund, which is subject to the volatility of the energy markets. The results are typical for funds that invest in commodity futures, where gains and losses can fluctuate significantly.

Comparison to Industry Standards

• The fund's performance is comparable to other commodity-based ETFs that invest in futures contracts, which are subject to market volatility.
• The realized trading loss of $3,341,445 is a significant factor in the overall net loss, which is not uncommon in commodity trading.
• The fund's management fees of $50,525 are within the typical range for similar investment vehicles.
• The net asset value per share of $59.64 is a key metric for investors to track the fund's performance.

Stakeholder Impact

• Shareholders will be impacted by the reported net loss and the fluctuations in net asset value.
• The fund's performance may affect investor confidence and future investment decisions.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Loss, Trading Loss, Net Asset Value, Monthly Account Statement, US Gasoline Fund