8-K: US Oil Fund LP Reports Significant June 2026 Losses

United States Oil Fund, LP disclosed a substantial net loss of $366.4 million for June 2026, primarily driven by trading losses in commodity futures and swap contracts.

Summary

• The United States Oil Fund, LP (USO) reported a net loss of $366,362,873 for the month ended June 30, 2026.
• This loss was largely due to significant trading losses on commodity futures and swap contracts, totaling $(193,497,934) and $(57,905,687) respectively.
• Unrealized losses on commodity futures also contributed $(132,295,090) to the overall loss.
• Total expenses for the month were $1,142,078, including management fees, professional fees, and brokerage commissions.
• Despite the net loss, the Net Asset Value (NAV) increased from $1,731,312,535 at the beginning of the month to $1,753,725,242 at the end of the month.
• This increase in NAV was driven by significant share additions of $1,394,173,824, which more than offset share withdrawals of $(1,005,398,244) and the net loss.
• The Net Asset Value Per Share remained strong at $105.50 as of June 30, 2026.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative sentiment due to the substantial net loss reported, despite the increase in Net Asset Value driven by capital inflows.

Positives

• The Net Asset Value (NAV) of the fund increased to $1,753,725,242 by the end of June 2026.
• Significant share additions of $1,394,173,824 contributed positively to the NAV.
• The Net Asset Value Per Share was $105.50 as of June 30, 2026.

Negatives

• The fund experienced a substantial net loss of $366,362,873 for the month ended June 30, 2026.
• Realized trading losses on commodity futures amounted to $193,497,934.
• Realized losses on swap contracts were $57,905,687.
• Unrealized losses on commodity futures were $132,295,090.
• Total expenses for the month were $1,142,078.

Risks

• Volatility in commodity futures and swap markets can lead to significant realized and unrealized trading gains or losses.
• Market fluctuations can impact the fair value of commodity futures and swap contracts held by the fund.

Future Outlook

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

Management Comments

• To the best of his knowledge and belief, the information contained in the Account Statement for the month ended June 30, 2026 is accurate and complete.

Industry Context

StockSavvy.ai notes that significant trading losses in commodity futures and swaps are not uncommon for funds like USO, especially during periods of high market volatility. The ability to attract substantial new capital inflows, as evidenced by the increase in NAV despite losses, indicates continued investor interest in oil-related exposure.

Stakeholder Impact

• Shareholders experienced a significant paper loss in the fund's value for the month, though the NAV per share remained stable due to capital inflows.
• The general partner, United States Commodity Funds LLC, continues to manage the fund's operations and fees.

Next Steps

• The fund will continue to operate and report its monthly account statements as required.

Key Dates

Recommendation

The filing shows significant trading losses, which is a negative indicator. However, the increase in Net Asset Value due to substantial share additions and a stable NAV per share suggests continued investor demand and operational stability. A 'hold' recommendation reflects the balance between the reported losses and the fund's ability to attract capital.

Keywords

Oil Fund, Commodity Futures, Swap Contracts, Net Asset Value, Trading Loss, June 2026, ETF