8-K: US Oil Fund LP Reports March 2026 Results

United States Oil Fund, LP disclosed its monthly account statement for March 2026, showing significant net income driven by trading gains.

Summary

• The United States Oil Fund, LP (USO) reported its monthly account statement for the period ending March 31, 2026.
• The fund generated a substantial net income of $794,871,479 for the month.
• This income was primarily driven by realized and unrealized gains on commodity futures and swap contracts.
• Total income for the month reached $796,088,534, while total expenses were $1,217,055.
• The Net Asset Value (NAV) at the end of March 2026 was $2,644,609,680, with a NAV per share of $126.39.
• The fund experienced significant additions and withdrawals of shares during the month.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive filing due to the substantial net income and strong NAV growth, driven by successful trading activities in commodity markets.

Positives

• Strong net income of $794,871,479 for the month ended March 31, 2026.
• Significant realized trading gains on commodity futures ($421,578,821) and swap contracts ($77,098,919).
• Positive unrealized gains on commodity futures ($285,459,350) and swap contracts ($5,782,897).
• Dividend and interest income contributed positively to overall earnings.
• Net Asset Value per share stands at a healthy $126.39 as of March 31, 2026.
• The fund successfully managed additions and withdrawals, resulting in a substantial increase in NAV.

Negatives

• The fund incurred ETF Transaction Fees of $20,300.
• While overall positive, the fund experienced significant share withdrawals totaling $1,475,145,168.

Risks

• Market volatility in commodity futures and swap contracts can lead to significant realized and unrealized losses.
• Changes in interest rates could impact interest income.
• Regulatory changes under the Commodity Exchange Act could affect operations.

Future Outlook

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

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended March 31, 2026 is accurate and complete.

Industry Context

StockSavvy.ai notes that this filing reflects the active trading and performance of a commodity-focused ETF, where significant gains and losses are common due to the inherent volatility of underlying oil markets.

Stakeholder Impact

• Shareholders benefit from the significant net income and increase in Net Asset Value per share.
• Investors in the fund are exposed to the volatility of oil prices and the performance of commodity futures and swap contracts.

Next Steps

• Continue to monitor the performance of commodity futures and swap contracts.
• Observe future share additions and withdrawals to gauge investor interest and capital flows.

Key Dates

Recommendation

The filing shows strong performance for the month, but as an oil fund, its returns are highly dependent on volatile commodity markets. While the current results are positive, the inherent risks and speculative nature of commodity ETFs warrant a 'hold' recommendation pending further market analysis and broader economic conditions.

Keywords

United States Oil Fund, USO, Commodity Futures, Swap Contracts, ETF, SEC Filing, 8-K, Financial Statement