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United States Oil Fund nets $794,871,479 in March

United States Oil Fund, LP released its monthly account statement for the month ended March 31, 2026.

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

United States Oil Fund, LP released its monthly account statement for the month ended March 31, 2026. The fund generated total income of $796,088,534, driven mainly by realized trading gains on commodity futures of $421,578,821, realized gains on swap contracts of $77,098,919, and unrealized gains on commodity futures of $285,459,350.

Total expenses were $1,217,055, resulting in net income of $794,871,479 for the month. Net asset value increased from $1,153,105,889 at the beginning of the month to $2,644,609,680 at month-end, reflecting additions of 20,000,000 shares and withdrawals of 13,200,000 shares. Net asset value per share was $126.39 based on 20,923,603 shares outstanding.

Positive

  • Strong monthly profitability and NAV growth: USO generated net income of $794,871,479 in March 2026, lifting net asset value from $1,153,105,889 to $2,644,609,680 and ending with net asset value per share of $126.39 on 20,923,603 shares.

Negative

  • None.

Insights

USO posted very strong March gains, with NAV more than doubling during the month.

The United States Oil Fund, LP reported net income of $794,871,479 for March 2026 on total income of $796,088,534 and modest expenses of $1,217,055. Performance was led by realized trading gains on commodity futures of $421,578,821 and unrealized gains on commodity futures of $285,459,350, indicating favorable oil-related price moves during the period.

Net asset value rose from $1,153,105,889 at the start of the month to $2,644,609,680 at month-end, alongside net share creations, with 20,000,000 shares added and 13,200,000 withdrawn. NAV per share reached $126.39 on 20,923,603 shares, showing strong per‑share appreciation within this single month.

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.
Net income $794,871,479 For the month ended March 31, 2026
Total income $796,088,534 For the month ended March 31, 2026
Realized trading gain on commodity futures $421,578,821 March 2026 income component
Unrealized gain on commodity futures $285,459,350 March 2026 income component
Total expenses $1,217,055 For the month ended March 31, 2026
Net asset value beginning of month $1,153,105,889 As of March 1, 2026
Net asset value end of month $2,644,609,680 As of March 31, 2026
Net asset value per share $126.39 Based on 20,923,603 shares at March 31, 2026
Realized Trading Gain (Loss) on Commodity Futures financial
"Realized Trading Gain (Loss) on Commodity Futures | | $ | 421,578,821"
Swap Contracts financial
"Realized Gain (Loss) on Swap Contracts | | | 77,098,919"
Unrealized Gain (Loss) on Market Value of Commodity Futures financial
"Unrealized Gain (Loss) on Market Value of Commodity Futures | | | 285,459,350"
Net Asset Value financial
"Net Asset Value End of Month | | $ | 2,644,609,680"
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.
Rule 4.22 regulatory
"as required pursuant to Rule 4.22 under the Commodity Exchange Act"
Commodity Exchange Act regulatory
"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

What net income did United States Oil Fund (USO) report for March 2026?
United States Oil Fund reported net income of $794,871,479 for March 2026. This figure reflects strong gains from commodity futures and swap contracts, combined with relatively low expenses of $1,217,055 during the month, supporting a sharp rise in the fund’s net asset value.

How did USO’s net asset value change during March 2026?
USO’s net asset value increased from $1,153,105,889 at March 1, 2026 to $2,644,609,680 at month-end. This change reflects substantial trading gains plus net share creations, with 20,000,000 shares added and 13,200,000 shares withdrawn during the period.

What was United States Oil Fund (USO) net asset value per share at March 31, 2026?
At March 31, 2026, USO reported a net asset value per share of $126.39, based on 20,923,603 shares outstanding. This per‑share value incorporates the month’s strong net income and the impact of additions and withdrawals of fund shares during March.

Which income components drove USO’s March 2026 performance?
USO’s March 2026 performance was driven by $421,578,821 in realized trading gains on commodity futures, $77,098,919 in realized gains on swap contracts, and $285,459,350 in unrealized gains on commodity futures. Additional contributions came from dividend income, interest income, and ETF transaction fees.

How significant were expenses relative to income for USO in March 2026?
Total expenses were $1,217,055 versus total income of $796,088,534 in March 2026, a small fraction of income. The largest expense category was general partner management fees at $820,493, with other costs including professional fees, brokerage commissions, directors’ fees and insurance, and license fees.

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISION

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): April 29, 2026

 

UNITED STATES OIL FUND, LP

 

(Exact name of registrant as specified in its charter)

 

Delaware 001-32834 20-2830691
(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 Oil Fund, LP   USO   NYSE Arca, Inc.

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

On April 29, 2026, United States Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended March 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 OIL FUND, LP
    By: United States Commodity Funds LLC, its general partner
       
Date: April 29, 2026   By: /s/ Stuart P. Crumbaugh
    Name: Stuart P. Crumbaugh
    Title: Chief Financial Officer

 

 

 

 

Exhibit 99.1

United States Oil Fund, LP

Monthly Account Statement

For the Month Ended March 31, 2026

 

Statement of Income (Loss)    
Income     
Realized Trading Gain (Loss) on Commodity Futures  $421,578,821 
Realized Gain (Loss) on Swap Contracts   77,098,919 
Unrealized Gain (Loss) on Market Value of Commodity Futures   285,459,350 
Unrealized gain (loss) on Fair Value of Swap Contracts   5,782,897 
Dividend Income   3,739,845 
Interest Income   2,408,402 
ETF Transaction Fees   20,300 
Total Income (Loss)  $796,088,534 
      
Expenses     
General Partner Management Fees  $820,493 
Professional Fees   140,967 
Brokerage Commissions   201,116 
Directors' Fees and insurance   27,129 
License fees   27,350 
Total Expenses  $1,217,055 
Net Income (Loss)  $794,871,479 

 

Statement of Changes in Net Asset Value    
Net Asset Value Beginning of Month 3/1/26  $1,153,105,889 
Additions (20,000,000 Shares)   2,171,777,480 
Withdrawals (13,200,000 Shares)   (1,475,145,168)
Net Income (Loss)   794,871,479 
      
Net Asset Value End of Month  $2,644,609,680 
Net Asset Value Per Share (20,923,603 Shares)  $126.39 

 

To the Limited Partners of United States 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 March 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 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

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