What was USL’s net asset value per share at the end of April 2026?

USL’s net asset value per share was $53.67 at April 30, 2026, based on 1,100,000 shares outstanding. This figure shows the fund’s value on a per-share basis after trading results, expenses, and investor subscriptions and redemptions for the month.

US 12 Month Oil Fund posts April 2026 net income

Q: How did United States 12 Month Oil Fund (USL) perform in April 2026?

United States 12 Month Oil Fund generated net income of $6,830,154 in April 2026. This came mainly from realized and unrealized gains on commodity futures, providing investors with a profitable month on the fund’s oil futures-based strategy.

Q: What drove USL’s net income for the month ended April 30, 2026?

USL’s April 2026 net income of $6,830,154 was largely driven by a realized trading gain on commodity futures of $5,249,516 and an unrealized gain of $1,458,470, supported by dividend, interest, and ETF transaction fee income.

Q: What was United States 12 Month Oil Fund’s net asset value at April 30, 2026?

At April 30, 2026, USL reported a net asset value of $59,033,804. This reflected a beginning balance of $59,736,158, additions and withdrawals of capital, and the month’s net income from its commodity futures and related investments.

Q: How much capital flowed into and out of United States 12 Month Oil Fund in April 2026?

During April 2026, USL recorded capital additions of $4,841,303 tied to 100,000 new shares and withdrawals of $12,373,811 tied to 250,000 redeemed shares. These investor flows, combined with net income, determined the month-end net asset value.

Q: What were the main expenses for United States 12 Month Oil Fund in April 2026?

USL’s April 2026 expenses totaled $43,676, including general partner management fees of $28,504, professional fees, brokerage commissions, directors’ fees and insurance, and license fees. These operating costs were small relative to the fund’s total income for the month.

United States 12 Month Oil Fund, LP reported a net income of $6,830,154 for the month ended April 30, 2026.

Accepted by SEC EDGAR 05/28/2026 - 08:27 AM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

8-K

Rhea-AI Filing Summary

United States 12 Month Oil Fund, LP reported a net income of $6,830,154 for the month ended April 30, 2026. Results were driven mainly by a realized trading gain on commodity futures of $5,249,516 and an unrealized gain on futures of $1,458,470, plus dividend and interest income.

Total income was $6,873,830 against expenses of only $43,676, leaving most of the trading gains flowing through to investors. Net asset value was $59,736,158 at the start of April and ended at $59,033,804 after additions of 100,000 shares, withdrawals of 250,000 shares, and the month’s net income.

Net asset value per share was $53.67 based on 1,100,000 shares at month-end, giving investors a clear snapshot of the fund’s April performance and asset base.

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: $6,830,154 Realized trading gain on futures: $5,249,516 Unrealized gain on futures: $1,458,470 +5 more

8 metrics

Net income $6,830,154 Month ended April 30, 2026

Realized trading gain on futures $5,249,516 Commodity futures, April 2026

Unrealized gain on futures $1,458,470 Market value change, April 2026

Total income $6,873,830 Month ended April 30, 2026

Total expenses $43,676 Operating expenses, April 2026

Ending NAV $59,033,804 Net asset value at April 30, 2026

NAV per share $53.67 Based on 1,100,000 shares at April 30, 2026

Capital additions $4,841,303 100,000 shares added in April 2026

Key Terms

Realized Trading Gain (Loss) on Commodity Futures, Unrealized Gain (Loss) on Market Value of Commodity Futures, Net Asset Value, Regulation FD Disclosure, +1 more

5 terms

Realized Trading Gain (Loss) on Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures | | $ | 5,249,516"

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

"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | 1,458,470"

Net Asset Value financial

"Statement of Changes in Net Asset Value | | | ------------------------------------------------ Net Asset Value Beginning of Month"

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.

Regulation FD Disclosure regulatory

"Item 7.01. Regulation FD Disclosure. On May 28, 2026, United States 12 Month Oil Fund, LP"

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.

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.

FAQ

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

How did United States 12 Month Oil Fund (USL) perform in April 2026?

United States 12 Month Oil Fund generated net income of $6,830,154 in April 2026. This came mainly from realized and unrealized gains on commodity futures, providing investors with a profitable month on the fund’s oil futures-based strategy.

What drove USL’s net income for the month ended April 30, 2026?

USL’s April 2026 net income of $6,830,154 was largely driven by a realized trading gain on commodity futures of $5,249,516 and an unrealized gain of $1,458,470, supported by dividend, interest, and ETF transaction fee income.

What was United States 12 Month Oil Fund’s net asset value at April 30, 2026?

At April 30, 2026, USL reported a net asset value of $59,033,804. This reflected a beginning balance of $59,736,158, additions and withdrawals of capital, and the month’s net income from its commodity futures and related investments.

How much capital flowed into and out of United States 12 Month Oil Fund in April 2026?

During April 2026, USL recorded capital additions of $4,841,303 tied to 100,000 new shares and withdrawals of $12,373,811 tied to 250,000 redeemed shares. These investor flows, combined with net income, determined the month-end net asset value.

What were the main expenses for United States 12 Month Oil Fund in April 2026?

USL’s April 2026 expenses totaled $43,676, including general partner management fees of $28,504, professional fees, brokerage commissions, directors’ fees and insurance, and license fees. These operating costs were small relative to the fund’s total income for the month.

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): May 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 May 28, 2026, United States 12 Month Oil 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 12 MONTH OIL 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 12 Month Oil Fund, LP

Monthly Account Statement

For the Month Ended April 30, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures	$	5,249,516
Unrealized Gain (Loss) on Market Value of Commodity Futures		1,458,470
Dividend Income		122,706
Interest Income		41,038
ETF Transaction Fees		2,100
Total Income (Loss)	$	6,873,830

Expenses
General Partner Management Fees	$	28,504
Professional Fees		12,136
Brokerage Commissions		1,258
Directors' Fees and Insurance		1,065
License Fees		713
Total Expenses	$	43,676
Net Income (Loss)	$	6,830,154

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 4/1/26	$	59,736,158
Additions (100,000 Shares)		4,841,303
Withdrawals (250,000 Shares)		(12,373,811	)
Net Income (Loss)		6,830,154

Net Asset Value End of Month	$	59,033,804
Net Asset Value Per Share (1,100,000 Shares)	$	53.67

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 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 12 Month Oil Fund, LP

United States Commodity Funds LLC

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, CA 94596

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EXHIBIT 99.1 14.5 KB