8-K: USO Reports Strong January 2026 Gains, NAV Exceeds $1 Billion

United States Oil Fund, LP (USO) reported a net income of over $142 million for January 2026, with Net Asset Value surpassing $1 billion.

Summary

• United States Oil Fund, LP (USO) issued its monthly account statement for the month ended January 31, 2026.
• The fund recorded a total income of $142,774,321 for January 2026.
• Total expenses for the month amounted to $717,992.
• Net income for January 2026 was $142,056,329.
• The Net Asset Value (NAV) at the beginning of January 2026 was $886,076,412.
• Additions from share creations totaled $537,079,689 (7,500,000 shares).
• Withdrawals from share redemptions totaled $545,956,751 (7,400,000 shares).
• The Net Asset Value at the end of January 2026 increased to $1,019,255,679.
• Net Asset Value Per Share at month-end was $78.87, based on 12,923,603 shares outstanding.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, reflecting strong performance for the fund in January 2026, driven by significant gains in its underlying commodity positions.

Positives

• Significant net income of $142,056,329 for the month of January 2026.
• Strong realized and unrealized gains on commodity futures and swap contracts, totaling over $139 million.
• Net Asset Value (NAV) increased from $886,076,412 to $1,019,255,679 during January, representing substantial growth.
• Positive dividend income of $1,882,357 and interest income of $970,658 contributed to overall income.

Negatives

• General Partner Management Fees of $377,493 represent the largest expense category.
• Brokerage Commissions of $126,934 indicate trading activity costs.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States Oil Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended January 31, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that the strong performance of the United States Oil Fund (USO) in January 2026 likely reflects a period of favorable conditions in the crude oil market, potentially driven by supply-demand dynamics, geopolitical events, or broader economic sentiment impacting energy prices. As an exchange-traded product designed to track the price of crude oil, USO's gains are directly correlated with upward movements in oil futures contracts.

Comparison to Industry Standards

• Given the nature of USO as an oil-tracking ETF, its performance is primarily benchmarked against the price movements of its underlying crude oil futures contracts, specifically the near-month futures contract for West Texas Intermediate (WTI) light sweet crude oil.
• A monthly net income of over $142 million and a NAV increase of approximately 15% (from $886M to $1.019B) in a single month indicates a robust period for crude oil prices, likely outperforming periods of stable or declining oil prices.
• Comparable performance would be seen in other crude oil ETFs or ETNs, such as the ProShares Ultra Bloomberg Crude Oil (UCO) or the Invesco DB Oil Fund (DBO), during periods of strong oil price appreciation. Without specific comparative data for January 2026 for these funds, a direct numerical comparison is not possible, but the magnitude of USO's gains suggests a significant upward trend in the broader oil market.

Stakeholder Impact

• Shareholders: Experienced significant capital appreciation in their investment during January 2026 due to the fund's strong performance and increased Net Asset Value per share.
• General Partner (United States Commodity Funds LLC): Benefited from management fees of $377,493, reflecting compensation for managing the fund.

Key Dates

Recommendation

The strong monthly performance indicates favorable market conditions for crude oil in January 2026, which is positive for existing shareholders. However, as an oil-tracking fund, future performance is highly dependent on the volatile crude oil market. While the past month was excellent, a 'hold' recommendation is prudent for a seasoned investor, awaiting further market trends and fundamental analysis of the oil sector before making a 'buy' decision based solely on a single month's strong performance.

Keywords

United States Oil Fund, USO, Oil ETF, Commodity Futures, Swap Contracts, Net Asset Value, Financial Performance, Energy Market, Investment Fund