8-K: US Oil Fund Reports October 2025 Net Loss

United States Oil Fund, LP reported a net loss of $7.98 million for October 2025, despite an increase in its Net Asset Value to $960.05 million.

Summary

• The United States Oil Fund, LP recorded a net loss of $7,980,003 for the month ended October 31, 2025.
• Total income for the month was negative $(7,253,286), primarily driven by realized trading losses.
• Realized trading loss on commodity futures amounted to $(24,954,490).
• Realized loss on swap contracts was $(6,339,776).
• These losses were partially offset by unrealized gains on commodity futures of $16,890,550 and swap contracts of $4,139,282.
• The fund also generated dividend income of $2,036,363 and interest income of $947,785.
• Total expenses for the month were $726,717, including General Partner Management Fees of $351,912.
• The Net Asset Value (NAV) at the end of October 2025 was $960,049,606, up from $884,669,387 at the beginning of the month.
• The increase in NAV was due to $459,844,971 in additions from 6,500,000 shares, partially offset by $376,484,749 in withdrawals from 5,300,000 shares.
• Net Asset Value Per Share at month-end was $72.60, based on 13,223,603 shares outstanding.

Sentiment

Score: 3

Explanation: The fund experienced a net loss for the month, driven by substantial realized trading losses, which is a negative performance indicator. However, the overall Net Asset Value increased due to significant investor inflows, suggesting continued market interest despite the monthly operational loss.

Positives

• Net Asset Value increased from $884,669,387 at the beginning of October to $960,049,606 by month-end.
• The fund experienced significant capital inflows, with additions totaling $459,844,971 from 6,500,000 shares.
• Unrealized gains on market value of commodity futures ($16,890,550) and fair value of swap contracts ($4,139,282) partially offset realized losses.
• Generated $2,036,363 in dividend income and $947,785 in interest income.

Negatives

• The fund reported a net loss of $7,980,003 for the month ended October 31, 2025.
• Total income for the month was negative $(7,253,286).
• Incurred a substantial realized trading loss on commodity futures of $(24,954,490).
• Experienced a realized loss on swap contracts amounting to $(6,339,776).

Future Outlook

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

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (the General Partner), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended October 31, 2025, is accurate and complete.

Industry Context

As an exchange-traded fund (ETF) focused on crude oil, the fund's performance is directly influenced by global oil market dynamics, including price fluctuations, supply-demand balances, and the contango/backwardation structure of the futures curve. The reported net loss suggests a challenging month for its underlying commodity investments, likely reflecting unfavorable movements in the crude oil futures and swap markets during October 2025.

Related Party Transactions

• General Partner Management Fees of $351,912 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders experienced a net loss on their investment for the month, as reflected in the fund's negative net income.
• The General Partner, United States Commodity Funds LLC, received management fees of $351,912.

Key Dates

Recommendation

The fund reported a net loss for the month, primarily due to realized trading losses, which is a negative short-term performance indicator. However, the overall Net Asset Value increased significantly due to substantial investor inflows, demonstrating continued market demand for exposure to oil through this fund. Given the nature of a commodity ETF, its performance is inherently volatile and tied to market movements. A 'hold' recommendation is appropriate for investors seeking continued oil exposure, acknowledging the inherent risks and volatility, as a single month's loss does not necessarily indicate a fundamental shift in the fund's long-term viability or investment thesis.

Keywords

United States Oil Fund, USO, Oil ETF, Commodity Futures, Swap Contracts, Net Asset Value, Monthly Statement, Energy, Crude Oil, Investment Fund