United States 12 Month Oil Fund (NYSE: USL) reports May 2026 net loss and lower NAV
Rhea-AI Filing Summary
United States 12 Month Oil Fund, LP reported a net loss of $2,614,461 for the month ended May 31, 2026. The fund generated a realized trading gain on commodity futures of $3,613,175, but this was more than offset by an unrealized loss on futures market values of $6,349,556, leading to total income of -$2,566,067. Operating expenses were modest at $48,394, mainly management and professional fees. Net asset value decreased from $59,033,804 at the beginning of May to $54,024,343 at month-end, reflecting both the investment loss and net withdrawals. Additions of $5,342,524 from 100,000 new shares were more than offset by withdrawals of $7,737,524 from 150,000 shares, and net asset value per share at May 31, 2026 was $51.45 based on 1,050,000 shares outstanding.
Positive
- None.
Negative
- None.
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.
Key Figures
Realized trading gain on commodity futures: $3,613,175
Unrealized loss on commodity futures: $6,349,556
Total income (loss): -$2,566,067
+5 more
8 metrics
Realized trading gain on commodity futures
$3,613,175
Income component for month ended May 31, 2026
Unrealized loss on commodity futures
$6,349,556
Market value change for month ended May 31, 2026
Total income (loss)
-$2,566,067
Combined investment income for May 2026
Total expenses
$48,394
Operating expenses for month ended May 31, 2026
Net income (loss)
-$2,614,461
Net result for month ended May 31, 2026
Net asset value beginning of month
$59,033,804
NAV at 5/1/26
Net asset value end of month
$54,024,343
NAV at 5/31/26
NAV per share
$51.45
Based on 1,050,000 shares at May 31, 2026
Key Terms
Realized Trading Gain (Loss), Unrealized Gain (Loss), Net Asset Value, Commodity Futures, +2 more
6 terms
Realized Trading Gain (Loss) financial
"Realized Trading Gain (Loss) on Commodity Futures | | $ | 3,613,175"
Unrealized Gain (Loss) financial
"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | (6,349,556 | )"
Net Asset Value financial
"Net Asset Value Beginning of Month 5/1/26 | | $ | 59,033,804"
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 Futures financial
"Realized Trading Gain (Loss) on Commodity Futures | | $ | 3,613,175"
ETF Transaction Fees financial
"ETF Transaction Fees | | | 1,750"
Rule 4.22 regulatory
"as required pursuant to Rule 4.22 under the Commodity Exchange Act"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What was United States 12 Month Oil Fund (USL) net income for May 2026?
United States 12 Month Oil Fund reported a net loss of $2,614,461 for May 2026. This resulted from unrealized losses on commodity futures outweighing realized trading gains and modest operating expenses during the month.
How did USL’s net asset value change during May 2026?
Net asset value fell from $59,033,804 on May 1, 2026 to $54,024,343 at month-end. The decline reflected the monthly net loss and net withdrawals that exceeded new capital additions during the period.
What were USL’s realized and unrealized results on commodity futures in May 2026?
The fund recorded a realized trading gain on commodity futures of $3,613,175, but an unrealized loss on market value of commodity futures of $6,349,556. Together, these drove an overall negative investment result for the month.
What were the key income and expense components for USL in May 2026?
Besides futures results, USL earned $127,172 in dividend income, $41,392 in interest income and $1,750 in ETF transaction fees. Total expenses were $48,394, largely general partner management fees and professional costs.
How did capital flows affect USL during May 2026?
The fund saw $5,342,524 in additions from 100,000 new shares and $7,737,524 in withdrawals from 150,000 shares. These net outflows, combined with investment losses, reduced total net asset value over the month.