UNG posts April 2026 $40.1M monthly net loss

United States Natural Gas Fund, LP (UNG) furnished its April 2026 monthly account statement, showing a net loss of $40.1M and updated net asset value figures.

Rhea-AI Filing Summary

United States Natural Gas Fund, LP (UNG) furnished its April 2026 monthly account statement, showing a net loss of $40.1M and updated net asset value figures. The loss was driven mainly by realized trading losses on natural gas futures and swap contracts.

Total income (loss) was $(39.7M), including a realized trading loss on commodity futures of $(47.7M) and a realized loss on swap contracts of $(10.3M), partly offset by unrealized gains and investment income. Expenses were modest at $0.46M, primarily management, professional, and brokerage fees.

Despite the loss, net asset value increased as capital inflows exceeded outflows. Additions of $168.4M from 15.8 million new shares and withdrawals of $(29.5M) from 2.7 million redeemed shares resulted in ending net assets of $542.7M. Net asset value per share was $10.63 based on 51,046,103 shares outstanding.

Insights

Commodities fund analyst

UNG posted a sizable April trading loss, but NAV rose on strong inflows.

United States Natural Gas Fund reported April net income (loss) of $(40.1M), driven by a realized trading loss on commodity futures of $(47.7M) and realized losses on swap contracts of $(10.3M). These trading results reflect adverse price moves in natural gas exposures during the month.

Unrealized gains of $17.1M on futures and investment income from dividends, interest, and ETF transaction fees partially offset the realized losses. Operating expenses were relatively low at $0.46M, so performance was dominated by market-driven trading outcomes rather than fund-level cost pressures.

Investor flows were a key driver of asset growth. Additions of $168.4M from 15.8 million new shares far exceeded withdrawals of $(29.5M) from 2.7 million shares. As a result, net asset value rose from $443.8M at the start of April to $542.7M at month-end, with NAV per share at $10.63. Subsequent monthly statements and future regulatory filings may provide additional context on whether these trading results and flows persist.

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, or exhibit attachments filed with this report.

Key Figures

Net income (loss): $(40,133,827) Realized trading loss on commodity futures: $(47,746,253) Realized loss on swap contracts: $(10,318,171) +5 more

8 metrics

Net income (loss) $(40,133,827) Month ended April 30, 2026

Realized trading loss on commodity futures $(47,746,253) Month ended April 30, 2026

Realized loss on swap contracts $(10,318,171) Month ended April 30, 2026

Net asset value end of month $542,663,007 As of April 30, 2026

Net asset value beginning of month $443,841,134 As of April 1, 2026

Net asset value per share $10.63 51,046,103 shares as of April 30, 2026

Additions $168,410,161 15,800,000 shares added in April 2026

Withdrawals $(29,454,461) 2,700,000 shares withdrawn in April 2026

Key Terms

Statement of Income (Loss), Realized Trading Gain (Loss) on Commodity Futures, Net Asset Value, Rule 4.22, +1 more

5 terms

Statement of Income (Loss) financial

"Statement of Income (Loss) | | | ----------------------------------- Income"

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures | | $ | (47,746,253 | )"

Net Asset Value financial

"Net Asset Value End of Month | | $ | 542,663,007 | Net Asset Value Per Share"

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.

Rule 4.22 regulatory

"as required pursuant to Rule 4.22 under the Commodity Exchange Act."

Emerging growth company regulatory

"Emerging growth company Securities registered pursuant to Section 12(b) of the Act"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

United States Natural Gas Fund reported a net loss of $40,133,827 for April 2026. This result mainly reflected realized losses on natural gas futures and swap contracts, only partly offset by unrealized gains and investment income from dividends, interest, and ETF transaction fees.

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

UNG’s net asset value increased from $443,841,134 on April 1, 2026 to $542,663,007 at month-end. The rise came from significant capital additions exceeding withdrawals, even though the fund recorded a substantial net trading loss during the month.

What was UNG’s net asset value per share at April 30, 2026?

At April 30, 2026, United States Natural Gas Fund reported net asset value per share of $10.63, based on 51,046,103 shares outstanding. This per‑share figure reflects the fund’s total net assets after April’s trading results, subscriptions, and redemptions.

How much new capital flowed into UNG during April 2026?

During April 2026, UNG recorded additions of $168,410,161 from 15,800,000 new shares. These inflows significantly outweighed withdrawals and helped increase total net asset value, despite the fund’s net loss for the month from trading activities.

What were the main trading results for UNG’s futures and swaps in April 2026?

UNG had a realized trading loss on commodity futures of $(47,746,253) and a realized loss on swap contracts of $(10,318,171) in April 2026. It also recorded an unrealized gain on futures of $17,135,117 and a small unrealized gain on swap contracts.

How large were UNG’s operating expenses for April 2026?

Operating expenses for April 2026 totaled $457,802. These included general partner management fees of $228,988, professional fees, brokerage commissions, directors’ fees and insurance, and license fees, which were modest relative to the fund’s trading-related income and losses.

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

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Accepted by SEC EDGAR 05/28/2026 - 08:27 AM Learn about SEC filing dates

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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): May 28, 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 May 28, 2026, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended April 30, 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:	May 28, 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 April 30, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	(47,746,253	)
Realized Gain (Loss) on Swap Contracts			(10,318,171	)
Unrealized Gain (Loss) on Market Value of Commodity Futures			17,135,117
Unrealized Gain (Loss) on Fair Value of Swap Contracts			79
Dividend Income			835,339
Interest Income			407,714
ETF Transaction Fees			10,150
Total Income (Loss)		$	(39,676,025	)
Expenses
General Partner Management Fees		$	228,988
Professional Fees			103,828
Brokerage Commissions			106,273
Directors' Fees and Insurance			12,988
License Fees			5,725
Total Expenses		$	457,802
Net Income (Loss)		$	(40,133,827	)

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 4/1/26		$	443,841,134
Additions (15,800,000 Shares)			168,410,161
Withdrawals (2,700,000 Shares)			(29,454,461	)
Net Income (Loss)			(40,133,827	)
Net Asset Value End of Month		$	542,663,007
Net Asset Value Per Share (51,046,103 Shares)		$	10.63

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 April 30, 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

Press Releases

• EX-99.1 EXHIBIT 99.1 15.8 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