STOCK TITAN

United States Natural Gas Fund (NYSE: UNG) posts strong May 2026 net income

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

United States Natural Gas Fund generated strong profitability in May 2026. For the month ended May 31, 2026, it recorded net income of $61.9 million, driven mainly by realized and unrealized gains on commodity futures and swap contracts totaling over $60 million, plus dividend and interest income.

Monthly expenses were modest at $0.53 million, leaving most trading gains to flow through to investors. Net asset value moved from $542.7 million at the beginning of the month to $474.0 million at month-end, reflecting sizable net withdrawals, while net asset value per share was $11.93 based on 39,746,103 shares.

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Insights

UNG delivered a profitable May 2026, with results shaped by investor outflows.

United States Natural Gas Fund posted net income of $61.87 million in May 2026, mainly from realized and unrealized gains on commodity futures and swap contracts. Fee and operating costs stayed low at about $0.53 million, so most trading gains reached the bottom line.

Despite the profit, net asset value declined from $542.66 million to $473.98 million as partners withdrew capital tied to 11.4 million shares, exceeding new additions of 100,000 shares. These figures underline how fund flows, not just trading results, influenced total assets for the month.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $61,871,136 For the month ended May 31, 2026
Total income $62,404,358 May 2026, mainly trading gains and investment income
Total expenses $533,222 May 2026 operating and management costs
Beginning NAV $542,663,007 Net asset value at May 1, 2026
Ending NAV $473,982,810 Net asset value at May 31, 2026
NAV per share $11.93 Based on 39,746,103 shares at May 31, 2026
Withdrawals $131,645,773 11,400,000 shares redeemed in May 2026
Additions $1,094,440 100,000 shares added in May 2026
Net Asset Value financial
"Statement of Changes in Net Asset Value"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
Realized Trading Gain (Loss) on Commodity Futures financial
"Realized Trading Gain (Loss) on Commodity Futures | | $ | 30,238,939"
Unrealized Gain (Loss) on Market Value of Commodity Futures financial
"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | 18,656,461"
Swap Contracts financial
"Realized Gain (Loss) on Swap Contracts | | | 12,045,613"
General Partner Management Fees financial
"General Partner Management Fees | | $ | 269,797"
Rule 4.22 under the Commodity Exchange Act regulatory
"as required pursuant to Rule 4.22 under the Commodity Exchange Act"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did United States Natural Gas Fund (UNG) perform in May 2026?

United States Natural Gas Fund earned a net income of $61.87 million in May 2026. Results were driven by realized and unrealized gains on commodity futures and swap contracts, supported by dividend and interest income, with relatively low management and operating expenses.

What was UNG’s net asset value at May 31, 2026?

At May 31, 2026, United States Natural Gas Fund reported a net asset value of $473.98 million. This figure reflects the prior month’s beginning NAV, substantial partner withdrawals, modest additions, and the fund’s monthly net income from trading and investment activities.

What was United States Natural Gas Fund’s NAV per share in May 2026?

United States Natural Gas Fund reported a net asset value per share of $11.93 at May 31, 2026. This calculation was based on 39,746,103 shares outstanding and incorporates the month’s trading income, expenses, and capital activity from additions and withdrawals.

How much trading income did UNG generate from futures and swaps in May 2026?

In May 2026, United States Natural Gas Fund generated $30.24 million realized trading gains on commodity futures and $12.05 million realized gains on swap contracts, plus significant unrealized gains. Together, these instruments provided the bulk of the fund’s monthly income.

What were United States Natural Gas Fund’s expenses for May 2026?

Total expenses for United States Natural Gas Fund in May 2026 were $533,222. These costs included general partner management fees, professional fees, brokerage commissions, directors’ fees and insurance, and license fees, leaving most trading and investment income to boost net results.

How did investor flows affect UNG’s assets in May 2026?

In May 2026, United States Natural Gas Fund saw $1.09 million in additions tied to 100,000 new shares but $131.65 million in withdrawals linked to 11.4 million shares. These net outflows reduced total net asset value despite strong positive net income for the month.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): June 29, 2026

 

UNITED STATES NATURAL GAS FUND, LP 

(Exact name of registrant as specified in its charter)

 

Delaware 001-33096 20-5576760
(State or other jurisdiction
of incorporation)
(Commission File Number) (I.R.S. Employer
Identification No.)

 

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(510) 522-9600 (Address of principal executive offices) (Zip Code) 
Registrant’s telephone number,    
including area code    

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered:
Shares of United States Natural Gas Fund, LP   UNG   NYSE Arca, Inc.

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

On June 29, 2026, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended May 31, 2026, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the monthly account statement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant’s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 99.1

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  UNITED STATES NATURAL GAS FUND, LP
  By: United States Commodity Funds LLC, its general partner
     
Date: June 29, 2026 By: /s/ Stuart P. Crumbaugh
  Name: Stuart P. Crumbaugh
  Title: Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

United States Natural Gas Fund, LP

Monthly Account Statement

For the Month Ended May 31, 2026

 

Statement of Income (Loss)    
Income     
Realized Trading Gain (Loss) on Commodity Futures  $30,238,939 
Realized Gain (Loss) on Swap Contracts   12,045,613 
Unrealized Gain (Loss) on Market Value of Commodity Futures   18,656,461 
Unrealized Gain (Loss) on Fair Value of Swap Contracts   (94)
Dividend Income   1,001,894 
Interest Income   455,245 
ETF Transaction Fees   6,300 
Total Income (Loss)  $62,404,358 
      
Expenses     
General Partner Management Fees  $269,797 
Professional Fees   141,156 
Brokerage Commissions   101,706 
Directors' Fees and Insurance   13,819 
License Fees   6,744 
Total Expenses  $533,222 
Net Income (Loss)  $61,871,136 

 

Statement of Changes in Net Asset Value    
Net Asset Value Beginning of Month 5/1/26  $542,663,007 
Additions (100,000 Shares)   1,094,440 
Withdrawals (11,400,000 Shares)   (131,645,773)
Net Income (Loss)   61,871,136 
      
Net Asset Value End of Month  $473,982,810 
Net Asset Value Per Share (39,746,103 Shares)  $11.93 

 

To the Limited Partners of United States Natural Gas Fund, LP:

 

Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2026 is accurate and complete.

 

/s/ Stuart P. Crumbaugh  
Stuart P. Crumbaugh  
Chief Financial Officer  

United States Commodity Funds LLC, General Partner of United States Natural Gas Fund, LP  

 

United States Commodity Funds LLC

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, CA 94596

 

 

 

Filing Exhibits & Attachments

4 documents