8-K: United States Natural Gas Fund April 2026 Performance

United States Natural Gas Fund, LP reports a net loss of $40.13 million for the month ended April 30, 2026.

Summary

• The fund reported a total net loss of $40,133,827 for the month of April 2026.
• Realized trading losses on commodity futures totaled $47,746,253.
• Realized losses on swap contracts amounted to $10,318,171.
• Unrealized gains on commodity futures provided a partial offset of $17,135,117.
• Total expenses for the month were $457,802.
• Net Asset Value (NAV) at month-end was $542,663,007, with a per-share value of $10.63.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral-to-negative disclosure, reflecting the inherent volatility and recent losses associated with natural gas futures trading.

Positives

• The fund experienced net inflows, with 15,800,000 shares added, contributing $168,410,161 to the NAV.
• Dividend and interest income provided a combined inflow of $1,243,053.

Negatives

• Significant realized losses on commodity futures and swap contracts totaling over $58 million.
• Net loss for the month reached $40.13 million.
• Withdrawals of 2,700,000 shares resulted in a $29.45 million reduction in NAV.

Risks

• High volatility in natural gas commodity futures and swap contracts.
• Exposure to market value fluctuations impacting unrealized gains/losses.
• Dependency on natural gas price trends which directly dictate fund performance.

Future Outlook

The filing does not provide specific forward-looking guidance, as it is a standard monthly disclosure of historical performance.

Management Comments

• Stuart P. Crumbaugh, CFO, certified that the information contained in the Account Statement for the month ended April 30, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that UNG performance remains highly sensitive to the volatility of the Henry Hub natural gas spot and futures markets, which have faced significant pricing pressure during this period.

Comparison to Industry Standards

• Performance is consistent with other commodity-based ETFs that utilize futures contracts, which are subject to contango or backwardation impacts.
• The fund structure follows standard Commodity Exchange Act reporting requirements for commodity pools.

Stakeholder Impact

• Shareholders are impacted by the monthly net loss and the resulting change in NAV per share.
• The fund continues to facilitate liquidity through share creation and redemption processes.

Next Steps

• Continued monitoring of natural gas market prices.
• Publication of the May 2026 monthly account statement.

Key Dates

Keywords

United States Natural Gas Fund, UNG, Natural Gas, Commodity Futures, ETF, NAV, Energy Investing