The United States 12 Month Natural Gas Fund, LP (UNL) reported a significant decline in its financial performance for the first quarter of 2026 compared to the same period in 2025. For the three months ended March 31, 2026, UNL recorded a net loss of $660,149, translating to a net loss per limited partner share of $0.44. This contrasts sharply with a net income of $4,184,874, or $2.14 per share, in the prior year. Total income for the quarter was $594,349, down from $4,243,946 in the previous year, primarily due to a realized loss of $1,181,469 on closed commodity futures contracts and a decrease in dividend and interest income.
The fund's total assets decreased to $15.6 million as of March 31, 2026, from $18.8 million at the end of 2025. This decline was attributed to a reduction in partners' capital, which fell from $18.7 million to $15.5 million, driven by the redemption of shares and the net loss incurred during the quarter. The number of limited partner shares outstanding also decreased from 2,550,000 to 2,250,000, reflecting the ongoing trend of redemptions. The net asset value per share dropped to $6.90 from $7.34, indicating a decrease of approximately 5.99% over the quarter.
Operationally, UNL maintained its focus on trading natural gas futures contracts, holding 431 contracts as of March 31, 2026. The average price of the Benchmark Natural Gas Futures Contracts fluctuated between $3.304 and $4.480 during the quarter, ultimately closing at $3.601, a decrease of approximately 3.28% from the end of 2025. The fund's strategy aims to track the average daily percentage changes in the net asset value (NAV) closely with the average daily percentage changes in the prices of these futures contracts. However, the fund's performance was impacted by market conditions, including periods of contango and backwardation, which can affect the returns on futures contracts.
Looking ahead, UNL's management anticipates that market volatility and geopolitical factors, such as the ongoing Russia-Ukraine conflict, will continue to influence natural gas prices and the fund's performance. The management fee for UNL has been reduced from 0.75% to 0.60% per annum, effective May 1, 2024, which may help improve profitability in the future. However, the fund's ability to meet its investment objectives will depend on market conditions and the effectiveness of its trading strategies in navigating the complexities of the natural gas market.
About United States 12 Month Natural Gas Fund, LP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.