8-K: UNG Reports $74.4M Net Income Amidst Significant Withdrawals

United States Natural Gas Fund, LP reported a net income of $74.4 million for November 2025, despite experiencing substantial investor withdrawals that reduced its Net Asset Value.

Summary

• United States Natural Gas Fund, LP (UNG) reported a net income of $74,421,480 for the month ended November 30, 2025.
• Total income for the month was $74,963,382, primarily driven by realized trading gains on commodity futures of $93,273,601 and realized gains on swap contracts of $3,039,634.
• Unrealized losses on the market value of commodity futures amounted to $36,095,403, partially offsetting income.
• Total expenses for the month were $541,902, with General Partner Management Fees accounting for $296,562.
• The Net Asset Value (NAV) at the beginning of November 2025 was $649,276,004, decreasing to $540,602,400 by month-end.
• The decrease in NAV was largely due to withdrawals of 12,800,000 shares, valued at $183,095,084.
• Net Asset Value Per Share at November 30, 2025, was $15.00, based on 36,046,103 shares outstanding.

Sentiment

Score: 6

Explanation: The fund demonstrated strong operational performance by generating substantial net income. However, the significant investor withdrawals leading to a considerable reduction in Net Asset Value present a mixed signal, indicating potential concerns about investor confidence or market positioning despite positive trading results.

Positives

• Generated a substantial net income of $74,421,480 for the month of November 2025.
• Achieved significant realized trading gains on commodity futures totaling $93,273,601.
• Realized gains on swap contracts contributed $3,039,634 to income.
• Maintained relatively low total expenses of $541,902 compared to total income.

Negatives

• Experienced a significant decrease in Net Asset Value (NAV) from $649,276,004 to $540,602,400 during the month.
• Recorded substantial investor withdrawals of 12,800,000 shares, amounting to $183,095,084.
• Incurred unrealized losses on the market value of commodity futures totaling $36,095,403.

Future Outlook

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

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of UNG), certified that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended November 30, 2025, is accurate and complete.

Industry Context

The performance of the United States Natural Gas Fund, LP is directly influenced by the volatility and price movements in the natural gas futures market. The significant withdrawals observed could reflect broader investor sentiment regarding commodity exposure or specific outlooks on natural gas prices during the reported period.

Related Party Transactions

• General Partner Management Fees of $296,562 were paid to United States Commodity Funds LLC, the General Partner of UNG.

Stakeholder Impact

• Shareholders: Those who remained in the fund benefited from the positive net income, while the overall fund size decreased significantly due to withdrawals, potentially impacting liquidity or future operational scale.
• General Partner (United States Commodity Funds LLC): Earned management fees, but the substantial decrease in the fund's Net Asset Value due to withdrawals could lead to lower future management fees if the trend continues.

Key Dates

Keywords

Natural Gas Fund, UNG, Commodity Futures, ETF, Net Asset Value, Financial Report, Trading Gains, Investor Withdrawals, SEC Filing