The United States 12 Month Natural Gas Fund, LP (UNL) reported significant financial performance improvements in its latest quarterly filing for the period ending March 31, 2025. The fund achieved a net income of $4.18 million, translating to a net income per limited partner share of $2.14, a notable recovery from a net loss of $2.28 million, or $(0.81) per share, in the same period last year. Total income for the quarter was $4.24 million, compared to a loss of $2.24 million in the previous year, driven primarily by realized gains on trading of commodity futures contracts.
In terms of assets, UNL's total assets decreased to $18.42 million from $19.05 million at the end of the previous fiscal year. The fund's cash and cash equivalents also saw a decline, totaling $15.01 million compared to $17.86 million at the end of 2024. However, the net asset value per share increased to $10.26 from $8.12, reflecting a 26.35% increase over the quarter, attributed to favorable market conditions and strategic trading decisions.
Operationally, UNL held 356 open natural gas futures contracts as of March 31, 2025, with a fair value of $13.08 million, marking an increase in unrealized gains to $3.34 million from $1.12 million at the end of 2024. The fund's management fee was reduced from 0.75% to 0.60% per annum effective May 1, 2024, contributing to a decrease in total expenses, which fell to $59,072 from $99,756 year-over-year. The number of limited partner shares outstanding decreased to 1.35 million from 2.3 million, reflecting a redemption of 750,000 shares during the quarter.
Looking ahead, UNL's management remains optimistic about the natural gas market, citing increased demand for liquefied natural gas (LNG) and a potential rise in prices due to geopolitical factors, including the ongoing Russia-Ukraine conflict. The fund aims to continue tracking the average daily percentage changes in the net asset value closely aligned with the average daily changes in the prices of its benchmark futures contracts. However, the management cautions that market volatility and external economic conditions could impact future performance.
About United States 12 Month Natural Gas Fund, LP
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