8-K: US Gasoline Fund LP Reports June 2026 Loss

United States Gasoline Fund, LP reported a net loss of $2,181,560 for the month ended June 30, 2026, primarily driven by realized trading losses on commodity futures.

Summary

• The United States Gasoline Fund, LP (the Registrant) has released its monthly account statement for June 2026.
• The fund reported a total income (loss) of $(2,083,702) for the month.
• Expenses for the month totaled $97,858.
• The net loss for the month ended June 30, 2026, was $(2,181,560).
• The Net Asset Value (NAV) at the beginning of the month was $125,741,686.
• There were withdrawals totaling $15,874,563 (150,000 Shares).
• The Net Asset Value at the end of the month was $107,685,563.
• The Net Asset Value Per Share was $102.56, based on 1,050,000 shares outstanding.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative sentiment due to the substantial net loss driven by realized trading losses in commodity futures, despite some positive income streams.

Positives

• Dividend Income of $233,689 was received.
• Interest Income of $81,322 was generated.
• Unrealized Gain on Market Value of Commodity Futures was $23,759,066, partially offsetting realized losses.

Negatives

• Realized Trading Gain (Loss) on Commodity Futures was a significant loss of $(26,158,479).
• Total expenses amounted to $97,858.
• The fund experienced a net loss of $(2,181,560) for the month.
• There were substantial withdrawals of $15,874,563 from the fund.

Risks

• The primary risk highlighted is the volatility of commodity futures markets, leading to significant realized trading losses.
• The fund's performance is directly tied to the price fluctuations of gasoline and related commodity futures.

Future Outlook

No specific forward-looking statements or guidance were provided in this monthly account statement filing.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended June 30, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that this filing reflects the inherent volatility of commodity-based ETFs, particularly those focused on energy products like gasoline. The significant realized losses underscore the challenges of managing futures contracts in fluctuating markets, a common theme for funds in this sector.

Comparison to Industry Standards

• Direct comparison to specific industry benchmarks or competitors is not feasible with the provided monthly account statement, as it focuses solely on the fund's internal performance for a single month.
• The performance of commodity ETFs is highly dependent on underlying commodity prices and market sentiment, making direct comparison to non-commodity ETFs or other financial instruments inappropriate without further context.

Stakeholder Impact

• Shareholders experienced a decrease in the Net Asset Value per share due to the fund's net loss and withdrawals.
• The fund's performance directly impacts the investment returns for its limited partners.

Next Steps

• The fund will continue to operate and issue monthly account statements as required.
• Investors can monitor future monthly statements for performance updates.

Key Dates

Recommendation

The filing indicates a period of poor performance due to market volatility in commodity futures, resulting in a net loss. While concerning, the fund's structure and the nature of commodity trading suggest that such periods can be cyclical. A 'hold' recommendation is appropriate, advising investors to monitor future performance and market conditions rather than making immediate decisions based on a single month's results.

Keywords

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