Natural Gas Fund (NYSE: UNG) posts $252M profit for January 2026

Rhea-AI Filing Summary

United States Natural Gas Fund, LP reported a strong monthly result for January 2026, with net income of $252,385,178. Total income was driven mainly by realized and unrealized gains on commodity futures and swap contracts, along with dividend and interest income.

Net asset value started the month at $550,640,328. Investor additions of $389,414,319 and withdrawals of $746,100,404, combined with net income, resulted in an ending net asset value of $446,339,421. Net asset value per share was $16.88 based on 26,446,103 shares outstanding at month-end.

8-K Event Classification

2 items: 7.01, 9.01

2 items

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.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISION

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): February 27, 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 February 27, 2026, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended January 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:     February 27, 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 January 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	98,991,627
Realized Gain (Loss) on Swap Contracts			44,450,449
Unrealized Gain (Loss) on Market Value of Commodity Futures			107,913,696
Unrealized gain (loss) on Fair Value of Swap Contracts			(346	)
Dividend Income			855,937
Interest Income			828,465
ETF Transaction Fees			16,450
Total Income (Loss)		$	253,056,278
Expenses
General Partner Management Fees		$	311,400
Professional Fees			96,005
Brokerage Commissions			215,599
Directors' Fees and insurance			40,311
License fees			7,785
Total Expenses		$	671,100
Net Income (Loss)		$	252,385,178

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 1/1/26		$	550,640,328
Additions (35,700,000 Shares)			389,414,319
Withdrawals (54,400,000 Shares)			(746,100,404	)
Net Income (Loss)			252,385,178
Net Asset Value End of Month		$	446,339,421
Net Asset Value Per Share (26,446,103 Shares)		$	16.88

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 January 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

FAQ

What was United States Natural Gas Fund (UNG) net income for January 2026?

United States Natural Gas Fund reported net income of $252,385,178 for January 2026. This figure comes from realized and unrealized gains on commodity futures and swaps, plus dividend, interest, and ETF transaction fee income, after deducting management, professional, brokerage, director, and license expenses.

How did UNG’s net asset value change during January 2026?

Net asset value decreased from $550,640,328 at the beginning of January 2026 to $446,339,421 at month-end. The change reflects substantial investor withdrawals, new additions, and net income of $252,385,178, which together determined the final net asset value reported.

What was UNG’s net asset value per share at January 31, 2026?

Net asset value per share for United States Natural Gas Fund was $16.88 at January 31, 2026. This per-share figure is based on an ending share count of 26,446,103 units outstanding, as shown in the Statement of Changes in Net Asset Value.

How much new capital flowed into UNG during January 2026?

Additions to United States Natural Gas Fund totaled $389,414,319, tied to 35,700,000 new shares during January 2026. These inflows were more than offset by withdrawals, which reduced overall net asset value despite the fund’s significant net income for the month.

What were UNG’s investor withdrawals in January 2026?

Investor withdrawals from United States Natural Gas Fund were $746,100,404, associated with 54,400,000 shares redeemed in January 2026. These outflows exceeded new additions, contributing to a lower ending net asset value despite strong positive investment performance in the portfolio.

What were the main income components for UNG in January 2026?

Income was led by realized trading gains on commodity futures of $98,991,627 and realized gains on swap contracts of $44,450,449. Additional contributions came from unrealized gains on futures, minor unrealized swap changes, dividend income, interest income, and ETF transaction fees.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 15.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.9 KB