8-K: United States Oil Fund Reports $57 Million Net Income for May 2025 Amidst NAV Fluctuations

The United States Oil Fund, LP reported a net income of $57 million for the month ended May 31, 2025, primarily driven by significant unrealized gains on commodity futures and swap contracts, despite a net decrease in overall Net Asset Value due to share withdrawals.

Summary

• For the month ended May 31, 2025, the United States Oil Fund, LP reported a total income of $57,782,151.
• Total expenses for the month amounted to $735,207, resulting in a net income of $57,046,944.
• The fund experienced significant unrealized gains, including $45,651,820 on the market value of commodity futures and $5,243,915 on the fair value of swap contracts.
• Realized gains on swap contracts contributed $7,391,840, while realized trading losses on commodity futures were $(3,786,120).
• Other income sources included $1,400,280 from dividends, $1,852,416 from interest, and $28,000 from ETF transaction fees.
• The Net Asset Value (NAV) at the beginning of May 2025 was $981,008,262.
• During the month, the fund saw additions of 10,000,000 shares valued at $661,823,258 and withdrawals of 11,900,000 shares valued at $(792,851,701).
• The Net Asset Value at the end of May 2025 was $907,026,763, with Net Asset Value Per Share at $67.07 based on 13,523,603 shares outstanding.

Sentiment

Score: 7

Explanation: The fund reported a strong net income for the month, primarily driven by significant unrealized gains on its commodity futures and swap contracts, indicating effective management of its positions amidst market movements. However, the overall NAV decreased due to net share withdrawals.

Positives

• The fund achieved a net income of $57,046,944 for the month, indicating profitable operations.
• Significant unrealized gains were recorded, including $45,651,820 on commodity futures and $5,243,915 on swap contracts, reflecting favorable market movements for the fund's holdings.
• Realized gains on swap contracts contributed $7,391,840 to the fund's income.
• The fund generated additional income from dividends ($1,400,280) and interest ($1,852,416).

Negatives

• The fund incurred a realized trading loss of $(3,786,120) on commodity futures.
• Total expenses for the month amounted to $735,207, including General Partner Management Fees, Professional Fees, Brokerage Commissions, Directors' Fees and insurance, and License fees.
• Despite positive net income, the Net Asset Value decreased from $981,008,262 at the beginning of the month to $907,026,763 at month-end, primarily due to net withdrawals of shares totaling 1,900,000 shares (11,900,000 shares withdrawn vs. 10,000,000 shares added).

Future Outlook

NA The document is a historical monthly account statement and does not provide forward-looking statements or guidance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the General Partner of United States Oil Fund, LP, certified 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

The performance of the United States Oil Fund, LP is directly tied to the movements in crude oil prices and the effectiveness of its commodity futures and swap contract strategies. The reported gains, particularly unrealized gains, suggest a period of favorable price appreciation in the underlying oil market or effective hedging strategies, reflecting broader trends in the global energy markets during May 2025.

Comparison to Industry Standards

• NA The document does not provide specific comparable companies, projects, or results for benchmarking against industry standards. As an exchange-traded commodity fund, its performance is primarily benchmarked against the price movements of its underlying commodity (crude oil futures) and other similar oil-tracking ETFs.

Related Party Transactions

• General Partner Management Fees of $369,543 were incurred, representing a standard fee paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders experienced a decrease in the Net Asset Value per share from the implied beginning-of-month value (calculated from total NAV and shares) to $67.07 at month-end, influenced by net share withdrawals despite positive net income.
• The fund's positive net income benefits shareholders by increasing the underlying value of the fund's assets.

Next Steps

• NA The document does not explicitly state future actions or milestones beyond routine operations and filings.

Key Dates

Keywords

Oil, Commodity Futures, Swap Contracts, ETF, Energy, Investment Fund, Net Asset Value, USO, Crude Oil