8-K: USO Monthly Account Statement: April 2026

United States Oil Fund, LP reports net income of $271.05 million for the month ended April 30, 2026.

Summary

• The fund reported a total income of $272.24 million for April 2026.
• Net income for the period reached $271.05 million after accounting for $1.19 million in expenses.
• The Net Asset Value (NAV) at the end of the month was $1.69 billion.
• The NAV per share was reported at $146.87 based on 11.52 million shares outstanding.
• The fund experienced significant share activity with 12.9 million shares added and 22.3 million shares withdrawn during the month.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure of routine monthly financial performance, reflecting standard market fluctuations in oil futures.

Positives

• Strong realized trading gains on commodity futures totaling $398.71 million.
• Positive contribution from swap contracts with $24.49 million in realized gains.
• Low expense ratio relative to total income, with total expenses capped at $1.19 million.

Negatives

• Unrealized losses on the market value of commodity futures amounted to $171.91 million.
• Significant net outflow of shares, with 22.3 million shares withdrawn compared to 12.9 million shares added.

Risks

• Market volatility impacting the unrealized value of commodity futures.
• Exposure to fluctuations in oil prices and swap contract valuations.
• Liquidity risks associated with large-scale share redemptions.

Future Outlook

The filing does not provide specific forward-looking guidance, as it is a standard monthly regulatory disclosure of past performance.

Management Comments

• Stuart P. Crumbaugh, CFO, certified that the information contained in the Account Statement is accurate and complete to the best of his knowledge.

Industry Context

StockSavvy.ai notes that USO continues to serve as a primary vehicle for retail and institutional exposure to WTI crude oil futures, with performance heavily correlated to the underlying futures curve and roll yield dynamics.

Comparison to Industry Standards

• Performance is consistent with standard commodity-linked ETF structures tracking front-month futures contracts.
• Expense management remains in line with typical commodity pool operator (CPO) fee structures.

Stakeholder Impact

• Shareholders are impacted by the net asset value fluctuations and the net redemption of shares during the period.

Next Steps

• Publication of the May 2026 monthly account statement.

Key Dates

Keywords

USO, United States Oil Fund, Commodity Futures, Oil ETF, NAV, Energy Investing