The United States 12 Month Oil Fund, LP (USL) reported its financial results for the first quarter of 2025, revealing a significant decline in both revenue and profitability compared to the same period in 2024. For the three months ended March 31, 2025, USL generated total income of $460,050, a decrease of approximately 94.5% from $8,420,471 in the prior year. The fund recorded a net income of $344,065, down from $8,273,478, resulting in a net income per limited partner share of $0.20, compared to $4.76 in the previous year.
The fund's total assets decreased to $47,940,317 as of March 31, 2025, from $49,635,690 at the end of 2024. This decline was attributed to a reduction in the value of open commodity futures contracts, which saw unrealized losses of $374,593, compared to losses of $478,755 in the previous quarter. The number of limited partner shares outstanding also fell, from 1,300,000 to 1,250,000, reflecting a net redemption of 100,000 shares during the quarter.
Operationally, USL maintained a focus on its investment strategy, which involves trading in oil futures contracts. As of March 31, 2025, the fund held 698 open futures contracts for light, sweet crude oil traded on the NYMEX. The average price of the Benchmark Oil Futures Contracts fluctuated between $63.74 and $73.51 during the quarter, ultimately closing at $68.45, a decrease of approximately 1.79% from the end of 2024. The fund's management indicated that it continues to seek to align its net asset value (NAV) changes closely with the daily changes in the average prices of these contracts.
Looking ahead, USL's management expressed cautious optimism regarding its ability to navigate market volatility and maintain its investment objectives. The fund's strategy remains focused on achieving a daily percentage change in its NAV that closely tracks the daily changes in the average prices of the Benchmark Oil Futures Contracts. However, the management acknowledged potential challenges posed by ongoing geopolitical tensions, inflationary pressures, and regulatory changes that could impact market conditions and investor sentiment.
In summary, while USL faced a challenging quarter with significant declines in revenue and profitability, it continues to adhere to its investment strategy in oil futures contracts. The fund's management remains vigilant in monitoring market conditions and is prepared to adapt its approach as necessary to meet its investment objectives.
About United States 12 Month Oil Fund, LP
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