8-K: United States Gasoline Fund Reports $7.45 Million Net Loss for August

The United States Gasoline Fund, LP reported a net loss of $7.45 million for the month of August 2024, primarily driven by trading losses on commodity futures.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for August 2024.
• The fund experienced a net loss of $7,449,721 for the month.
• This loss was primarily due to a realized trading loss of $6,668,260 on commodity futures and an unrealized loss of $1,112,635 on the market value of commodity futures.
• The fund did generate $156,350 in dividend income and $272,924 in interest income.
• Total expenses for the month were $98,100, including management fees, professional fees, and brokerage commissions.
• The net asset value of the fund decreased from $103,917,929 at the beginning of August to $96,468,208 at the end of the month.
• The net asset value per share was $62.24 based on 1,550,000 shares.

Sentiment

Score: 3

Explanation: The document reports a significant net loss, indicating a negative financial performance for the month. This warrants a low sentiment score.

Positives

• The fund generated $156,350 in dividend income and $272,924 in interest income during the month.

Negatives

• The fund experienced a significant net loss of $7,449,721 for the month of August.
• Realized and unrealized losses on commodity futures trading were the primary drivers of the net loss.

Risks

• The fund's performance is highly susceptible to fluctuations in commodity futures markets.
• Trading losses can significantly impact the fund's net asset value.

Management Comments

• The Chief Financial Officer, Stuart P. Crumbaugh, 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 volatility inherent in commodity futures trading, which can significantly impact the performance of funds like the United States Gasoline Fund.

Comparison to Industry Standards

• The fund's performance is highly dependent on the price fluctuations of gasoline futures contracts, making direct comparisons to other asset classes difficult.
• Other commodity-focused funds may experience similar volatility depending on their specific holdings and trading strategies.
• It is important to compare the fund's performance against its own historical performance and the performance of similar gasoline-focused funds.

Stakeholder Impact

• Shareholders will likely be concerned about the significant net loss and the decrease in net asset value.
• The fund's performance may impact investor confidence and future investment decisions.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Loss, Trading Loss, Net Asset Value, Financial Report