The United States 12 Month Natural Gas Fund, LP (UNL) reported a net asset value (NAV) per share of $7.34 as of December 31, 2025, a decrease of approximately 9.61% from the previous year's NAV of $8.12. The fund's average daily total net assets for the year were $14.3 million, down from $18.1 million in 2024. The decline in NAV was attributed to a combination of unrealized losses on open commodity futures contracts and lower income from dividends and interest, which totaled $586,371 compared to $906,945 in the prior year. The management fee decreased from 0.75% to 0.60% per annum effective May 1, 2024, reflecting a strategic decision to reduce costs.
Operationally, UNL held 502 natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX) as of year-end 2025, with no contracts held on ICE Futures. The fund's trading strategy aims to achieve an average daily percentage change in its NAV that closely tracks the average daily percentage change in the prices of its Benchmark Futures Contracts. For the 30-day period ending December 31, 2025, UNL's NAV changes were within the targeted range of plus or minus 10% of the Benchmark Futures Contracts, indicating effective management of its investment strategy.
In terms of market activity, UNL issued 29 Creation Baskets and redeemed 24 Redemption Baskets during the year. The fund's liquidity was supported by cash and cash equivalents totaling $20.8 million, which included $18.2 million in cash and cash equivalents and $2.7 million in equity from trading accounts. The fund's expenses, excluding management fees, decreased to $149,691 from $257,905 in the previous year, primarily due to reduced reporting costs and professional fees.
Looking ahead, UNL's management anticipates continued volatility in the natural gas market, influenced by factors such as geopolitical events, weather patterns, and changes in supply and demand dynamics. The fund's investment strategy remains focused on maintaining a diversified portfolio of natural gas futures contracts while managing risks associated with market fluctuations and regulatory requirements. The outlook for 2026 suggests that UNL will continue to adapt its investment approach in response to evolving market conditions and opportunities for enhanced liquidity.
About United States 12 Month Natural Gas Fund, LP
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