April gains lift United States Oil Fund (NYSE: USO) net asset value
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
United States Oil Fund, LP reports strong April 2026 performance, with net income of $271,053,004. Total income of $272,240,103 was driven mainly by realized trading gains on commodity futures of $398,705,490 and gains on swap contracts of $24,490,098, partly offset by unrealized losses on futures.
Expenses were modest at $1,187,099, leaving most trading and investment gains flowing through to net income. Net asset value moved from $2,644,609,680 at the beginning of April to $1,692,436,477 at month-end after accounting for partner activity.
The fund recorded additions of $1,653,060,784 from 12,900,000 new shares and withdrawals of $2,876,286,991 tied to 22,300,000 shares redeemed. Net asset value per share at April 30, 2026 was $146.87 based on 11,523,603 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
Net income: $271,053,004
Total income: $272,240,103
Realized trading gain on commodity futures: $398,705,490
+5 more
8 metrics
Net income
$271,053,004
For the month ended April 30, 2026
Total income
$272,240,103
April 2026, before expenses
Realized trading gain on commodity futures
$398,705,490
April 2026
Unrealized loss on commodity futures
$171,912,780
April 2026 market value change
Net asset value beginning of month
$2,644,609,680
As of April 1, 2026
Net asset value end of month
$1,692,436,477
As of April 30, 2026
Additions
$1,653,060,784
12,900,000 shares added in April 2026
NAV per share
$146.87
11,523,603 shares at April 30, 2026
Key Terms
Realized Trading Gain (Loss) on Commodity Futures, Swap Contracts, Unrealized Gain (Loss), Net Asset Value, +2 more
6 terms
Realized Trading Gain (Loss) on Commodity Futures financial
"Realized Trading Gain (Loss) on Commodity Futures | | $ | 398,705,490"
Swap Contracts financial
"Realized Gain (Loss) on Swap Contracts | | | 24,490,098"
Unrealized Gain (Loss) financial
"Unrealized Gain (Loss) on Market Value of Commodity Futures"
Net Asset Value financial
"Statement of Changes in 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(h) regulatory
"Pursuant to Rule 4.22(h) under the Commodity Exchange Act"
FAQ
How did United States Oil Fund (USO) perform in April 2026?
United States Oil Fund generated net income of $271,053,004 in April 2026. Results were driven by substantial realized trading gains on oil futures and swap contracts, partially offset by unrealized losses on futures positions and modest operating expenses.
What were USO’s main income drivers for April 2026?
USO’s April 2026 income came mainly from a $398,705,490 realized trading gain on commodity futures and $24,490,098 realized gain on swap contracts. Additional contributions included dividend income, interest income, and ETF transaction fees.
What was United States Oil Fund’s net asset value at April 30, 2026?
At April 30, 2026, USO’s net asset value was $1,692,436,477. This reflects the beginning NAV, investor additions and withdrawals during the month, and April net income, giving investors a snapshot of the fund’s overall size at month-end.
How did creations and redemptions affect USO during April 2026?
During April 2026, USO recorded $1,653,060,784 of additions from 12,900,000 new shares and $2,876,286,991 of withdrawals from 22,300,000 shares. These capital flows significantly changed total net assets alongside the month’s trading results.
How large were United States Oil Fund’s expenses in April 2026?
USO’s expenses for April 2026 totaled $1,187,099, including management fees, professional fees, brokerage commissions, directors’ fees and insurance, and license fees. These costs were small relative to the fund’s total income for the month.