8-K: United States Oil Fund Reports Significant $185 Million Net Loss for April 2025

The United States Oil Fund, LP (USO) reported a substantial net loss of $184.97 million for the month ended April 30, 2025, primarily driven by significant unrealized and realized losses on commodity futures and swap contracts.

Summary

• United States Oil Fund, LP (USO) recorded a net loss of $184,973,253 for the month ended April 30, 2025.
• This loss was primarily due to total income (loss) of $(184,310,661), which included realized trading losses of $45,170,720 on commodity futures and $40,247,287 on swap contracts, as well as unrealized losses of $88,672,600 on commodity futures and $13,489,146 on swap contracts.
• The fund's total expenses for the month amounted to $662,592, with General Partner Management Fees being the largest component at $356,185.
• The Net Asset Value (NAV) at the end of April 2025 was $981,008,262, with a Net Asset Value Per Share of $63.60 based on 15,423,603 shares outstanding.
• During April, the fund saw additions of $1,003,561,744 from the issuance of 14,800,000 shares and withdrawals of $814,028,340 from the redemption of 12,000,000 shares.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the significant net loss of nearly $185 million, primarily from trading and unrealized losses on commodity futures and swap contracts. While there were net inflows of capital, the core investment performance was poor for the month.

Positives

• The fund generated $1,740,820 in dividend income and $1,490,272 in interest income during the month.
• Despite the net loss, the fund experienced net inflows from share creations exceeding redemptions, with additions of $1,003,561,744 (14,800,000 shares) outweighing withdrawals of $814,028,340 (12,000,000 shares), leading to a slight increase in total Net Asset Value from $976,448,111 to $981,008,262.

Negatives

• The fund incurred a significant net loss of $184,973,253 for the month ended April 30, 2025.
• Realized trading losses on commodity futures totaled $45,170,720.
• Realized losses on swap contracts amounted to $40,247,287.
• Unrealized losses on the market value of commodity futures were substantial at $88,672,600.
• Unrealized losses on the fair value of swap contracts added $13,489,146 to the total loss.

Risks

• The document does not explicitly list risks, but the significant realized and unrealized losses on commodity futures and swap contracts highlight the inherent volatility and market risk associated with investments in the oil futures market.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding future performance or market conditions.

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 April 30, 2025, is accurate and complete.

Industry Context

This filing reflects the performance of a major exchange-traded fund (ETF) tracking crude oil futures, providing insight into the significant volatility and price movements within the global oil market during April 2025. The substantial losses incurred by the fund are indicative of a challenging period for oil-related investments, likely due to adverse price movements in the underlying commodity futures and swap markets.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to industry standards. However, the reported net loss of $184.97 million for a single month suggests a period of significant underperformance relative to a stable or appreciating commodity market, which would typically be expected for an oil-tracking fund in a bullish environment. Without specific benchmarks or competitor data, a direct comparison is not possible from this document alone.

Related Party Transactions

• General Partner Management Fees of $356,185 were paid to United States Commodity Funds LLC, which is the general partner of United States Oil Fund, LP, indicating a related party transaction.

Stakeholder Impact

• Shareholders experienced a significant decline in the Net Asset Value Per Share from approximately $77.35 at the beginning of April to $63.60 at month-end, primarily due to the substantial net loss incurred by the fund, directly impacting the value of their investment.

Next Steps

• The document does not mention any specific future actions, events, or milestones beyond the regular monthly reporting requirements.

Key Dates

Recommendation

Keywords

United States Oil Fund, USO, Commodity Futures, Swap Contracts, Oil ETF, Energy Investments, Net Asset Value, Monthly Account Statement, SEC Filing, 8-K, Commodity Exchange Act