The United States 12 Month Natural Gas Fund, LP (UNL) reported a significant decline in its financial performance for the nine months ending September 30, 2025, compared to the same period in 2024. The fund's total income for the nine months was $628,170, a notable recovery from a loss of $1,477,433 in the previous year. However, the fund recorded a net loss of $453,047, contrasting with a net income of $453,047 in the prior year. The net asset value (NAV) per share decreased from $8.12 at the beginning of the period to $7.74 by the end, reflecting a total return of -4.68%.
In terms of operational metrics, UNL's average daily total net assets fell to $13.74 million from $17.91 million year-over-year. The number of limited partner shares outstanding decreased from 2.3 million to 1.35 million, indicating a reduction in investor participation. The fund's management fees were reduced from 0.75% to 0.60% per annum effective May 1, 2024, which contributed to a decrease in total expenses, excluding management fees, from $210,803 to $113,477.
The fund's investment strategy remains focused on natural gas futures contracts traded on the NYMEX, with 277 contracts held as of September 30, 2025. The average price of the Benchmark Natural Gas Futures Contracts increased by approximately 4.17% during the reporting period, closing at $3.773 per million British thermal units (MMBtu). However, the fund's performance was impacted by market conditions, including periods of contango and backwardation, which affect the pricing of futures contracts.
Looking ahead, UNL's management anticipates that the ongoing volatility in natural gas prices, driven by both domestic supply and international demand, will continue to influence the fund's performance. The fund's strategy aims to maintain a close correlation between its NAV and the average daily changes in the prices of its benchmark futures contracts. However, the management acknowledges the inherent risks associated with commodity trading, including market fluctuations and potential liquidity issues, which could affect the fund's ability to meet its investment objectives.
About United States 12 Month Natural Gas Fund, LP
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