8-K: United States Gasoline Fund Reports Positive May 2025 Performance with Increased Net Asset Value

United States Gasoline Fund, LP (UGA) announced its monthly account statement for May 2025, revealing a net income of $1.38 million and an increase in its Net Asset Value.

Summary

• United States Gasoline Fund, LP (UGA) issued its monthly account statement for the month ended May 31, 2025, as required by Rule 4.22 under the Commodity Exchange Act.
• The fund reported a Net Income of $1,375,680 for the month of May 2025.
• Total Income for the month was $1,440,102, primarily driven by a Realized Trading Gain on Commodity Futures of $3,575,666.
• The fund experienced an Unrealized Loss on Market Value of Commodity Futures amounting to $2,384,454.
• Additional income sources included Dividend Income of $155,380 and Interest Income of $93,510.
• Total Expenses for the month were $64,422, comprising General Partner Management Fees ($36,267), Professional Fees ($21,352), Brokerage Commissions ($4,892), Directors' Fees and insurance ($1,005), and License fees ($906).
• The Net Asset Value (NAV) of the fund increased from $68,364,663 at the beginning of May 2025 to $69,740,343 at the end of May 2025.
• The Net Asset Value Per Share at May 31, 2025, was $58.12, based on 1,200,000 shares outstanding.

Sentiment

Score: 7

Explanation: The fund reported positive net income and an increase in Net Asset Value, indicating a favorable performance for the month, despite an unrealized loss on futures.

Positives

• The fund achieved a positive Net Income of $1,375,680 for the month ended May 31, 2025.
• Net Asset Value (NAV) increased by $1,375,680, from $68,364,663 to $69,740,343, indicating growth in the fund's underlying assets.
• A significant Realized Trading Gain on Commodity Futures of $3,575,666 contributed positively to the fund's income.
• The fund generated additional income from dividends ($155,380) and interest ($93,510).

Negatives

• The fund recorded an Unrealized Loss on Market Value of Commodity Futures of $2,384,454, which partially offset the realized gains.

Risks

• The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, is not deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor is it deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in any such filing.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the current monthly performance report.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States Gasoline Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2025, is accurate and complete.

Industry Context

United States Gasoline Fund, LP operates as a commodity fund, with its performance directly tied to the movements in gasoline futures prices. Its financial results reflect the volatility and trends within the energy commodity markets, influenced by global supply, demand, and geopolitical factors affecting crude oil and refined products.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to assess the fund's performance against global benchmarks or industry standards. The analysis is limited to the fund's internal financial metrics for the reported month.

Related Party Transactions

• General Partner Management Fees of $36,267 were paid to United States Commodity Funds LLC, the general partner of United States Gasoline Fund, LP. This is a standard related party transaction for the fund's operational structure.

Stakeholder Impact

• Shareholders are positively impacted by the increase in the fund's Net Asset Value and Net Asset Value Per Share, reflecting growth in their investment.

Next Steps

• The fund is expected to continue issuing monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Keywords

United States Gasoline Fund, UGA, Commodity Fund, Gasoline Futures, SEC Filing, 8-K, Monthly Account Statement, Net Asset Value, Trading Gain, Commodity Exchange Act, Financial Performance