United States 12 Month Oil Fund Reports $3.27 Million Net Loss for Nine Months Ended September 30, 2025

The United States 12 Month Oil Fund, LP (USL) reported its financial results for the third quarter of 2025, revealing a net loss of $3.27 million for the nine months ended September 30, 2025, compared to a net income of $2.12 million for the same period in 2024. The fund's total income for the nine months was $1.35 million, significantly lower than the $2.33 million reported in the previous year. The decline in profitability was primarily attributed to a realized loss of $3.17 million on closed commodity futures contracts, contrasting with a realized gain of $2.05 million in the prior year. The fund's net asset value (NAV) per share decreased to $35.50 from $38.01 at the end of 2024.

In terms of operational metrics, USL's average daily total net assets fell to $44.07 million from $62.54 million year-over-year. The number of limited partner shares outstanding decreased to 1.15 million from 1.30 million, reflecting a reduction in investor participation. The fund's cash and cash equivalents increased to $35.39 million from $31.87 million, while its equity in trading accounts decreased to $7.04 million from $18.06 million. The total assets of USL were reported at $40.99 million, down from $49.64 million at the end of 2024.

Strategically, USL has not made any significant acquisitions or product launches during the reporting period. However, it continues to focus on its investment objective of tracking the daily changes in the price of light, sweet crude oil through futures contracts. As of September 30, 2025, the fund held 665 open commodity futures contracts, with a total notional amount of approximately $42.43 million. The unrealized loss on these contracts was reported at $1.59 million, indicating a challenging market environment for crude oil futures.

The filing also highlighted the impact of market conditions on USL's performance. The average price of the Benchmark Oil Futures Contracts decreased by approximately 11.89% during the nine months ended September 30, 2025, contributing to the fund's overall decline in NAV. The management anticipates that ongoing geopolitical tensions and economic factors may continue to influence oil prices and, consequently, the fund's performance. Looking ahead, USL aims to maintain its strategy of investing in oil futures while managing risks associated with market volatility and liquidity.

In summary, USL's financial performance for the third quarter of 2025 reflects significant challenges, with a notable decline in both income and NAV. The fund's strategic focus remains on tracking crude oil prices through futures contracts, while it navigates a complex market landscape characterized by fluctuating oil prices and reduced investor engagement.