8-K: USO Reports $55M Net Loss for August 2025

United States Oil Fund, LP reported a net loss of $55 million for August 2025, driven by significant trading losses on commodity futures and swap contracts.

Summary

• United States Oil Fund, LP (USO) issued its monthly account statement for the month ended August 31, 2025.
• The fund reported a total net loss of $55,045,236 for the month.
• This loss was primarily due to realized trading losses of $23,803,990 on commodity futures and $7,441,587 on swap contracts.
• Unrealized losses also contributed significantly, with $24,282,440 on commodity futures and $2,074,808 on swap contracts.
• Despite the net loss, the Net Asset Value (NAV) increased from $894,419,316 at the beginning of August to $982,775,138 by month-end.
• The increase in NAV was driven by $469,002,088 in additions from 6,300,000 new shares, partially offset by $325,601,030 in withdrawals from 4,400,000 shares.
• The Net Asset Value Per Share at the end of August was $74.89, based on 13,123,603 shares outstanding.

Sentiment

Score: 3

Explanation: The fund experienced a significant net loss for the month due to adverse trading performance, though overall Net Asset Value increased due to substantial share additions, indicating continued investor interest despite the negative monthly return.

Positives

• The fund generated dividend income of $2,292,949 and interest income of $927,644.
• ETF transaction fees contributed $23,000 to income.
• Despite the net loss, the overall Net Asset Value of the fund increased from $894,419,316 to $982,775,138 due to significant share additions.

Negatives

• The fund incurred a substantial net loss of $55,045,236 for the month ended August 31, 2025.
• Realized trading losses on commodity futures amounted to $23,803,990.
• Realized losses on swap contracts totaled $7,441,587.
• Unrealized losses on the market value of commodity futures were $24,282,440.
• Unrealized losses on the fair value of swap contracts were $2,074,808.

Future Outlook

NA

Management Comments

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

Industry Context

The significant net loss reported by USO for August 2025 suggests a challenging period for crude oil prices or the fund's specific trading strategy, reflecting potential volatility or a downward trend in the underlying commodity market during that month. As an oil-tracking fund, its performance is directly tied to the dynamics of the global crude oil market.

Stakeholder Impact

• Shareholders experienced a negative return on their investment for the month of August 2025, as reflected by the net loss and the per-share NAV performance for the period.
• The increase in overall Net Asset Value, despite the loss, suggests continued investor confidence or demand for oil exposure, leading to net inflows of capital.

Key Dates

Recommendation

The United States Oil Fund, LP experienced a substantial net loss in August 2025 due to negative trading performance in commodity futures and swap contracts. However, as an exchange-traded product designed to track crude oil prices, its performance is inherently tied to market movements. The increase in overall Net Asset Value despite the loss indicates continued investor interest and inflows. A 'hold' recommendation is appropriate for investors seeking continued exposure to crude oil, acknowledging the inherent volatility and the fund's tracking nature, rather than reacting solely to a single month's negative performance.

Keywords

United States Oil Fund, USO, Oil Futures, Commodity Fund, Net Asset Value, Trading Loss, SEC Filing, 8-K, August 2025, Financial Report, Swap Contracts