UNL natural gas fund posts February 2026 loss

United States 12 Month Natural Gas Fund, LP reported a sizable February 2026 loss and lower net asset value.

Rhea-AI Filing Summary

United States 12 Month Natural Gas Fund, LP reported a sizable February 2026 loss and lower net asset value. For the month ended February 28, 2026, the fund recorded a net loss of $4,165,253, driven mainly by a realized trading loss on commodity futures of $409,914 and an unrealized loss on futures of $3,778,826.

Dividend income of $24,210, interest income of $18,212, and ETF transaction fees of $1,050 were not enough to offset these losses, leading to total income loss of $4,145,268. Operating expenses were relatively modest at $19,985, including management, professional, and brokerage fees.

The fund’s net asset value declined from $20,772,997 at the beginning of the month to $15,421,426 at month-end. During February, investors added $1,028,124 (150,000 shares) and withdrew $2,214,442 (300,000 shares). Net asset value per share at February 28, 2026 was $6.85 based on 2,250,000 shares outstanding.

Insights

Fund performance analyst

UNL posted a sharp February trading loss that reduced its net asset value.

United States 12 Month Natural Gas Fund generated a net loss of $4,165,253 for February 2026, almost entirely from realized and unrealized losses on natural gas futures. Income from dividends, interest, and ETF transaction fees was small relative to trading volatility.

Net asset value fell from $20,772,997 to $15,421,426, while net investor flows were negative because withdrawals exceeded additions. This shows how futures price moves and investor activity combined to reduce capital in the fund during the month.

Future monthly statements will clarify whether this loss was a short-lived reaction to natural gas price movements or part of a longer performance pattern, since the strategy is inherently exposed to commodity market swings.

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.

FAQ

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

How did United States 12 Month Natural Gas Fund (UNL) perform in February 2026?

The fund recorded a net loss of $4,165,253 for February 2026. This loss was driven mainly by realized and unrealized losses on natural gas futures, only partly offset by dividend and interest income and modest ETF transaction fees.

What were UNL’s realized and unrealized trading results for February 2026?

UNL had a realized trading loss of $409,914 and an unrealized loss of $3,778,826 on commodity futures in February 2026. Together, these futures positions accounted for nearly all of the fund’s monthly loss before expenses.

How did UNL’s net asset value change during February 2026?

Net asset value declined from $20,772,997 at February 1, 2026 to $15,421,426 at month-end. The drop reflected the $4,165,253 net loss alongside net withdrawals exceeding additions over the month.

What was United States 12 Month Natural Gas Fund’s NAV per share at February 28, 2026?

At February 28, 2026, UNL reported a net asset value per share of $6.85. This figure was based on total net assets of $15,421,426 and 2,250,000 shares outstanding at the end of the month.

What investor additions and withdrawals did UNL see in February 2026?

Investors added $1,028,124 associated with 150,000 new shares and withdrew $2,214,442 tied to 300,000 shares during February 2026. Overall, withdrawals exceeded additions, contributing to the decline in total net assets.

What were UNL’s total expenses for February 2026 and what did they include?

Total expenses were $19,985 for February 2026. These costs included general partner management fees, professional fees, brokerage commissions, directors’ fees and insurance, and license fees, all relatively small compared with the fund’s trading losses that month.

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

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Accepted by SEC EDGAR 03/27/2026 - 08:06 AM EDT 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): March 27, 2026

UNITED STATES 12 MONTH NATURAL GAS FUND, LP

(Exact name of registrant as specified in its charter)

Delaware	001-34535	26-0431733
(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 Registrant’s telephone number, including area code	(Address of principal executive offices) (Zip 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 12 Month Natural Gas Fund, LP		UNL		NYSE Arca, Inc.

Item 7.01. Regulation FD Disclosure.

On March 27, 2026, United States 12 Month Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended February 28, 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 12 MONTH NATURAL GAS FUND, LP
		By:	United States Commodity Funds LLC, its general partner
Date:	March 27, 2026	By:	/s/ Stuart P. Crumbaugh
		Name:	Stuart P. Crumbaugh
		Title:	Chief Financial Officer

Exhibit 99.1

United States 12 Month Natural Gas Fund, LP

Monthly Account Statement

For the Month Ended February 28, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	(409,914	)
Unrealized Gain (Loss) on Market Value of Commodity Futures			(3,778,826	)
Dividend Income			24,210
Interest Income			18,212
ETF Transaction Fees			1,050
Total Income (Loss)		$	(4,145,268	)
Expenses
General Partner Management Fees		$	7,250
Professional Fees			10,522
Brokerage Commissions			542
Directors' Fees and Insurance			1,490
License Fees			181
Total Expenses		$	19,985
Net Income (Loss)		$	(4,165,253	)

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 2/1/26		$	20,772,997
Additions (150,000 Shares)			1,028,124
Withdrawals (300,000 Shares)			(2,214,442	)
Net Income (Loss)			(4,165,253	)
Net Asset Value End of Month		$	15,421,426
Net Asset Value Per Share (2,250,000 Shares)		$	6.85

To the Limited Partners of United States 12 Month 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 February 28, 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 12 Month 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 14.7 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