US 12 Month Oil Fund July NAV hits $49.96 a share

United States 12 Month Oil Fund, LP (USL) reported a monthly account statement for the period ended July 31, 2026.

Rhea-AI Filing Summary

United States 12 Month Oil Fund, LP (USL) reported a monthly account statement for the period ended July 31, 2026. Net income for the month was $4,392,668, driven primarily by an unrealized gain on commodity futures of $4,353,051, partially offset by a realized trading loss of $49,530.

Net asset value increased from $40,571,887 at the beginning of July to $44,964,555 at month-end, with net asset value per share at $49.96 based on 900,000 shares. Total expenses were modest at $40,438, including general partner management fees, professional fees, and other operating costs.

Positive

• Net income of $4,392,668 for July 2026, largely from unrealized gains on commodity futures, increased net asset value to $44,964,555.
• Expenses of only $40,438 versus total income of $4,433,106 indicate low operating costs relative to portfolio performance for the month.

Negative

• None.

Filing Explained

The August 28 Form 8-K furnishes—not files—the July monthly account statement under Rule 4.22; its contents, including Exhibit 99.1, are not subject to Section 18 liability or incorporated by reference unless expressly stated.

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): $4,392,668 Unrealized Gain (Loss) on Market Value of Commodity Futures: $4,353,051 Realized Trading Gain (Loss) on Commodity Futures: $(49,530) +5 more

8 metrics

Net income (loss) $4,392,668 For the month ended July 31, 2026

Unrealized Gain (Loss) on Market Value of Commodity Futures $4,353,051 Income component for the month ended July 31, 2026

Realized Trading Gain (Loss) on Commodity Futures $(49,530) Income component for the month ended July 31, 2026

Total expenses $40,438 For the month ended July 31, 2026

Net Asset Value beginning of month $40,571,887 Net asset value as of July 1, 2026

Net Asset Value end of month $44,964,555 Net asset value as of July 31, 2026

Net Asset Value Per Share $49.96 Based on 900,000 shares as of July 31, 2026

Dividend income $100,521 For the month ended July 31, 2026

Key Terms

Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, Net Asset Value, General Partner Management Fees, +1 more

5 terms

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures | | $ | (49,530"

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

"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | 4,353,051"

Net Asset Value financial

"Net Asset Value End of Month | | $ | 44,964,555"

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.

General Partner Management Fees financial

"General Partner Management Fees | | $ | 22,256"

Regulation FD Disclosure regulatory

"Item 7.01. Regulation FD Disclosure. On August 28, 2026, United States"

Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.

FAQ

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

What was USL's net income for the month ended July 31, 2026?

United States 12 Month Oil Fund, LP (USL) reported net income of $4,392,668 for the month ended July 31, 2026, based on its Statement of Income (Loss) included in the monthly account statement.

How did USL's net asset value change in July 2026?

USL’s net asset value rose from $40,571,887 at July 1, 2026 to $44,964,555 at month-end, according to the Statement of Changes in Net Asset Value.

What was USL's net asset value per share as of July 31, 2026?

As of July 31, 2026, USL reported a net asset value per share of $49.96, calculated on 900,000 shares outstanding.

What were the main drivers of USL's monthly performance in July 2026?

USL’s performance was driven by an unrealized gain on commodity futures of $4,353,051, partially offset by a realized trading loss of $49,530, along with dividend income of $100,521 and interest income of $29,064.

How high were USL’s operating expenses in July 2026?

USL recorded total expenses of $40,438 in July 2026, including general partner management fees of $22,256, professional fees of $16,106, brokerage commissions of $389, directors' fees and insurance of $1,131, and license fees of $556.

Is the July 2026 USL monthly account statement filed or furnished?

The July 2026 monthly account statement for USL is furnished, not filed, under a Regulation FD disclosure and is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

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

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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 OIL FUND, LP

(Exact name of registrant as specified in its charter)

Delaware	001-33859	26-0431897
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		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 12 Month Oil Fund, LP		USL		NYSE Arca, Inc.

Item 7.01. Regulation FD Disclosure.

On August 28, 2026, United States 12 Month Oil 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 OIL 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 Oil Fund, LP

Monthly Account Statement

For the Month Ended July 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	(49,530	)
Unrealized Gain (Loss) on Market Value of Commodity Futures			4,353,051
Dividend Income			100,521
Interest Income			29,064
Total Income (Loss)		$	4,433,106
Expenses
General Partner Management Fees		$	22,256
Professional Fees			16,106
Brokerage Commissions			389
Directors' Fees and Insurance			1,131
License Fees			556
Total Expenses		$	40,438
Net Income (Loss)		$	4,392,668

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 7/1/26		$	40,571,887
Net Income (Loss)			4,392,668
Net Asset Value End of Month		$	44,964,555
Net Asset Value Per Share (900,000 Shares)		$	49.96

To the Limited Partners of United States 12 Month Oil 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 Oil 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 13.7 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