US 12-Month NatGas Fund posts $1.18M July loss

United States 12 Month Natural Gas Fund, LP (UNL) reported a net loss for the month ended July 31, 2026 and furnished its monthly account statement under Rule 4.22 of the Commodity Exchange Act.

Rhea-AI Filing Summary

United States 12 Month Natural Gas Fund, LP (UNL) reported a net loss for the month ended July 31, 2026 and furnished its monthly account statement under Rule 4.22 of the Commodity Exchange Act. Total income was a loss of $1,145,173, driven by a $404,290 realized trading loss and a $790,651 unrealized loss on commodity futures. Dividend income of $44,190 and interest income of $5,578 partially offset these losses.

Total expenses were $30,230, mainly from management and professional fees, resulting in a net loss of $1,175,403 for the month. Net asset value (NAV) decreased from $17,335,926 at the beginning of July to $16,160,523 at month-end, with NAV per share at $5.99 based on 2,700,000 shares.

Positive

• None.

Negative

• $1,175,403 net loss for July 2026 reduced NAV from $17,335,926 to $16,160,523, a decline of roughly 6.8% for the month, primarily due to realized and unrealized losses on commodity futures.

Filing Explained

The August 28 Form 8-K furnishes, rather than files, UNL’s monthly account statement for July under Rule 4.22; the disclosure is not subject to Section 18 liability or incorporated by reference unless expressly referenced.

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

Realized Trading Gain (Loss) on Commodity Futures: $404,290 loss Unrealized Gain (Loss) on Market Value of Commodity Futures: $790,651 loss Dividend Income: $44,190 +5 more

8 metrics

Realized Trading Gain (Loss) on Commodity Futures $404,290 loss For the month ended July 31, 2026

Unrealized Gain (Loss) on Market Value of Commodity Futures $790,651 loss For the month ended July 31, 2026

Dividend Income $44,190 For the month ended July 31, 2026

Total Expenses $30,230 For the month ended July 31, 2026

Net Income (Loss) $1,175,403 loss For the month ended July 31, 2026

Net Asset Value Beginning of Month $17,335,926 Net asset value at July 1, 2026

Net Asset Value End of Month $16,160,523 Net asset value at July 31, 2026

Net Asset Value Per Share $5.99 Based on 2,700,000 shares at July 31, 2026

Key Terms

Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, Net Asset Value, Commodity Exchange Act, +1 more

5 terms

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures | | $ | (404,290"

Unrealized Gain (Loss) on Market Value of Commodity Futures financial

"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | (790,651"

Net Asset Value financial

"Statement of Changes in Net Asset Value | | | ------------------------------------------------ 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.

Commodity Exchange Act regulatory

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

A federal law that creates the rulebook for trading commodity futures and options, setting standards to prevent market manipulation, fraud, and unfair practices. It matters to investors because those rules and the government oversight that enforces them help keep prices honest, ensure transparent reporting, and reduce the risk that markets will be distorted — similar to traffic laws that make driving safer and more predictable.

Rule 4.22 regulatory

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

FAQ

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

What was UNL’s net income or loss for July 2026?

UNL reported a net loss of $1,175,403 for the month ended July 31, 2026. This reflects a total income loss of $1,145,173, primarily from realized and unrealized losses on commodity futures, and total expenses of $30,230.

How did UNL’s net asset value change in July 2026?

UNL’s net asset value decreased from $17,335,926 at July 1, 2026 to $16,160,523 at July 31, 2026. This decline was driven by the monthly net loss reported in the account statement.

What was UNL’s net asset value per share at July 31, 2026?

At July 31, 2026, UNL’s net asset value per share was $5.99, based on 2,700,000 shares outstanding. This figure reflects the fund’s total net asset value of $16,160,523 divided by the number of shares.

What were UNL’s realized and unrealized results on commodity futures in July 2026?

In July 2026, UNL recorded a $404,290 realized trading loss and a $790,651 unrealized loss on the market value of commodity futures. These losses were the primary contributors to the fund’s overall income loss for the month.

What income other than trading did UNL earn in July 2026?

During July 2026, UNL earned $44,190 in dividend income and $5,578 in interest income. These amounts partially offset the realized and unrealized losses on commodity futures but were not sufficient to prevent an overall monthly net loss.

What expenses did UNL incur in July 2026?

UNL incurred total expenses of $30,230 in July 2026. These included general partner management fees of $8,440, professional fees of $20,270, brokerage commissions of $299, directors’ fees and insurance of $1,010, and license fees of $211.

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

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Available on EDGAR 08/28/2026 - 08:45 AM EDT Accepted by SEC EDGAR 08/28/2026 - 08:26 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): August 28, 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 August 28, 2026, United States 12 Month Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended July 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 12 MONTH NATURAL GAS FUND, LP
		By:	United States Commodity Funds LLC, its general partner
Date:	August 28, 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 July 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	(404,290	)
Unrealized Gain (Loss) on Market Value of Commodity Futures			(790,651	)
Dividend Income			44,190
Interest Income			5,578
Total Income (Loss)		$	(1,145,173	)
Expenses
General Partner Management Fees		$	8,440
Professional Fees			20,270
Brokerage Commissions			299
Directors' Fees and Insurance			1,010
License Fees			211
Total Expenses		$	30,230
Net Income (Loss)		$	(1,175,403	)

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 7/1/26		$	17,335,926
Net Income (Loss)			(1,175,403	)
Net Asset Value End of Month		$	16,160,523
Net Asset Value Per Share (2,700,000 Shares)		$	5.99

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 July 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 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 13.8 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