8-K: US Oil Fund Reports Strong Net Income Driven by Futures Gains

United States Oil Fund, LP reported a substantial net income of $414,665,735 for the month ended July 31, 2026, primarily due to significant unrealized gains on commodity futures.

Summary

• The United States Oil Fund, LP (USO) reported a net income of $414,665,735 for the month ended July 31, 2026.
• This income was largely driven by unrealized gains on commodity futures totaling $461,097,610.
• The fund experienced realized trading losses on commodity futures of $96,468,426, but this was partially offset by realized gains on swap contracts of $33,829,055.
• Total expenses for the month were $1,340,545.
• Net Asset Value (NAV) increased from $1,753,725,242 at the beginning of the month to $1,847,331,898 at the end of the month.
• The NAV per share was $128.97 as of July 31, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive report, driven by significant unrealized gains in commodity futures, which substantially offset realized trading losses and cover expenses.

Positives

• Significant net income of $414,665,735 for the month.
• Substantial unrealized gains on commodity futures amounting to $461,097,610.
• Increase in Net Asset Value from $1,753,725,242 to $1,847,331,898.
• Positive dividend income of $4,226,206 and interest income of $1,854,363.

Negatives

• Realized trading losses on commodity futures of $96,468,426.
• Total expenses of $1,340,545, including management fees, professional fees, and brokerage commissions.

Risks

• The significant unrealized gains are subject to market volatility and could reverse.
• Realized losses on commodity futures indicate potential trading risks.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the monthly account statement for July 2026.

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 July 31, 2026 is accurate and complete.

Industry Context

StockSavvy.ai notes that the significant unrealized gains in commodity futures reflect the volatile nature of oil markets. The fund's performance is heavily tied to short-term price movements and hedging strategies, as evidenced by the mix of realized losses and unrealized gains.

Stakeholder Impact

• Shareholders: The increase in Net Asset Value per share to $128.97 is positive for limited partners.
• Creditors: No direct impact mentioned.

Next Steps

• Continue to monitor commodity futures and swap contract performance.
• Manage fund assets and liabilities to maintain Net Asset Value.

Key Dates

Recommendation

The filing shows a strong net income driven by unrealized gains, which is positive. However, the significant realized losses on commodity futures and the inherent volatility of oil markets suggest a 'hold' position. The fund's performance is highly dependent on market fluctuations, making it speculative for aggressive growth or income.

Keywords

Oil Fund, Commodity Futures, Swap Contracts, Net Asset Value, Income Statement, Trading Gains, USO