United States Oil Fund posts $270M May net loss

United States Oil Fund, LP reported a net loss of $270,124,551 for the month ended May 31, 2026.

Rhea-AI Filing Summary

United States Oil Fund, LP reported a net loss of $270,124,551 for the month ended May 31, 2026. The loss was driven mainly by large unrealized declines in the market value of oil futures and related swap contracts, partly offset by realized trading gains, dividends, and interest income.

Net asset value was $1,692,436,477 at the beginning of May and ended at $1,731,312,535 after partner share creations and redemptions. Net asset value per share was $128.02 based on 13,523,603 shares. The fund furnished this monthly account statement on Form 8-K under Regulation FD.

Positive

• None.

Negative

• Substantial May net loss: United States Oil Fund reported a monthly net loss of $270,124,551, driven mainly by unrealized declines of $304,244,780 on commodity futures and $43,658,055 on swap contracts, indicating significant adverse price moves in its underlying oil exposures during the period.

Insights

Commodities fund analyst

USO posted a large May loss driven by unrealized futures and swap declines.

United States Oil Fund, LP (USO) shows a net loss of $270,124,551 for May 2026. The core driver is mark-to-market pressure: unrealized losses on commodity futures total $304,244,780, with additional unrealized losses of $43,658,055 on swap contracts.

Against these, the fund generated realized trading gains of $65,583,974 on futures and $8,091,928 on swaps, plus dividend and interest income. Operating expenses were modest at $1,114,537, so the result reflects market moves more than fee drag.

Net asset value began May at $1,692,436,477 and ended at $1,731,312,535, with large creations and redemptions reshaping capital. NAV per share stood at $128.02 on 13,523,603 shares at month end, giving investors a snapshot of May oil market volatility in the fund’s portfolio.

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) for May 2026: $270,124,551 loss Unrealized loss on commodity futures: $304,244,780 loss Unrealized loss on swap contracts: $43,658,055 loss +5 more

8 metrics

Net income (loss) for May 2026 $270,124,551 loss Month ended May 31, 2026

Unrealized loss on commodity futures $304,244,780 loss Month ended May 31, 2026

Unrealized loss on swap contracts $43,658,055 loss Month ended May 31, 2026

Realized gain on commodity futures $65,583,974 gain Month ended May 31, 2026

Total expenses $1,114,537 Month ended May 31, 2026

Net asset value beginning of month $1,692,436,477 As of May 1, 2026

Net asset value end of month $1,731,312,535 As of May 31, 2026

Net asset value per share $128.02 per share 13,523,603 shares at May 31, 2026

Key Terms

Commodity Futures, Swap Contracts, Net Asset Value, ETF Transaction Fees, +1 more

5 terms

Commodity Futures financial

"Realized Trading Gain (Loss) on Commodity Futures"

Swap Contracts financial

"Realized Gain (Loss) on Swap Contracts"

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.

ETF Transaction Fees financial

"ETF Transaction Fees | | | 19,250"

General Partner Management Fees financial

"General Partner Management Fees | | $ | 700,846"

FAQ

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

What was United States Oil Fund (USO)'s net income for May 2026?

United States Oil Fund reported a net loss of $270,124,551 for May 2026. This result reflects large unrealized losses on oil futures and swap contracts that outweighed realized trading gains, dividend income, interest income, and relatively modest operating expenses for the month.

How did United States Oil Fund (USO)'s net asset value change in May 2026?

Net asset value began May at $1,692,436,477 and ended at $1,731,312,535. The change reflects significant share creations of $1,883,019,267, redemptions of $1,574,018,658, and the monthly net loss of $270,124,551 reported in the account statement.

What was United States Oil Fund (USO)'s net asset value per share at May 31, 2026?

Net asset value per share at May 31, 2026 was $128.02, based on 13,523,603 shares outstanding. This figure comes from the Statement of Changes in Net Asset Value included in the May 2026 monthly account statement filed as Exhibit 99.1.

What drove United States Oil Fund (USO)'s loss in May 2026?

The loss was driven primarily by unrealized mark-to-market declines on positions. The fund recorded an unrealized loss of $304,244,780 on commodity futures and $43,658,055 on swap contracts, which more than offset realized gains, dividends, interest income, and relatively low operating expenses.

Did United States Oil Fund (USO) generate any realized gains in May 2026?

Yes. USO reported realized trading gains of $65,583,974 on commodity futures and $8,091,928 on swap contracts during May 2026. These realized profits helped offset, but did not overcome, the much larger unrealized losses on its futures and swap positions.

What fees and expenses did United States Oil Fund (USO) incur in May 2026?

Total expenses for May 2026 were $1,114,537. This included general partner management fees of $700,846, professional fees, brokerage commissions, directors’ fees and insurance, and license fees, as detailed in the Statement of Income (Loss).

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

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Accepted by SEC EDGAR 06/29/2026 - 08:16 AM Learn about SEC filing dates

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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): June 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 June 29, 2026, United States Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended May 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:	June 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 May 31, 2026

Statement of Income (Loss)
Income
Realized Trading Gain (Loss) on Commodity Futures		$	65,583,974
Realized Gain (Loss) on Swap Contracts			8,091,928
Unrealized Gain (Loss) on Market Value of Commodity Futures			(304,244,780	)
Unrealized gain (loss) on Fair Value of Swap Contracts			(43,658,055	)
Dividend Income			3,735,999
Interest Income			1,461,670
ETF Transaction Fees			19,250
Total Income (Loss)		$	(269,010,014	)
Expenses
General Partner Management Fees		$	700,846
Professional Fees			206,030
Brokerage Commissions			155,282
Directors' Fees and Insurance			29,017
License Fees			23,362
Total Expenses		$	1,114,537
Net Income (Loss)		$	(270,124,551	)

Statement of Changes in Net Asset Value
Net Asset Value Beginning of Month 5/1/26		$	1,692,436,477
Additions (13,300,000 Shares)			1,883,019,267
Withdrawals (11,300,000 Shares)			(1,574,018,658	)
Net Income (Loss)			(270,124,551	)
Net Asset Value End of Month		$	1,731,312,535
Net Asset Value Per Share (13,523,603 Shares)		$	128.02

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 May 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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 17.6 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