8-K: United States Oil Fund Reports $46.8M Net Income

United States Oil Fund, LP reported a net income of $46.8 million for February 2026, with Net Asset Value increasing to over $1.15 billion.

Summary

• United States Oil Fund, LP (USO) issued its monthly account statement for the month ended February 28, 2026.
• The fund reported a total income of $47,526,979 for the month.
• Total expenses amounted to $707,857, resulting in a net income of $46,819,122.
• The Net Asset Value (NAV) at the beginning of February 2026 was $1,019,255,679.
• Additions from share creations totaled $338,558,598 (4,400,000 shares), while withdrawals from share redemptions were $251,527,510 (3,200,000 shares).
• The Net Asset Value at the end of February 2026 increased to $1,153,105,889.
• Net Asset Value Per Share was $81.64 based on 14,123,603 shares outstanding.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive report for the fund, driven by substantial net income and an increase in Net Asset Value, despite some unrealized losses. The overall financial health for the month appears strong.

Positives

• The fund achieved a significant net income of $46,819,122 for the month.
• Net Asset Value increased from $1,019,255,679 to $1,153,105,889 during February 2026, indicating growth in the fund's total assets.
• Realized trading gains on commodity futures and swap contracts contributed positively, totaling $82,865,320 and $9,409,647 respectively.
• The fund generated additional income from dividends ($1,902,378) and interest ($1,103,134).

Negatives

• The fund experienced unrealized losses on the market value of commodity futures totaling $43,200,190.
• Unrealized losses on the fair value of swap contracts amounted to $4,562,060.
• The fund incurred various expenses, including General Partner Management Fees ($395,102), Professional Fees ($126,614), and Brokerage Commissions ($117,844).

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States Oil Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended February 28, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that the United States Oil Fund's performance is directly tied to the crude oil market. The reported net income and NAV growth for February 2026 suggest a favorable period for oil prices or the fund's specific trading strategy within the commodity futures and swap markets. This performance reflects the inherent volatility and potential for significant gains or losses in the energy sector, which is influenced by global supply and demand dynamics, geopolitical events, and economic indicators.

Comparison to Industry Standards

• As an exchange-traded product designed to track the price of crude oil, USO's performance is primarily benchmarked against the movements of the front-month crude oil futures contract. Without specific crude oil price data for February 2026, a direct comparison to its tracking efficacy is not possible from this filing alone.
• The fund's expense ratio, including General Partner Management Fees, Professional Fees, and Brokerage Commissions, would typically be compared against other commodity ETFs like the United States Natural Gas Fund (UNG) or broader commodity indices to assess its cost-efficiency relative to its peers and the market average.

Stakeholder Impact

• Shareholders: The increase in Net Asset Value and positive net income generally benefits shareholders by increasing the underlying value of their investment in the fund.
• General Partner (United States Commodity Funds LLC): The General Partner earns management fees, which are directly tied to the fund's assets, benefiting from the fund's growth.

Key Dates

Keywords

United States Oil Fund, USO, Oil ETF, Commodity Futures, Swap Contracts, Net Asset Value, Financial Report, SEC Filing, Energy Market, February 2026