The United States 12 Month Oil Fund, LP (USL) reported a net asset value (NAV) per share of $38.01 as of December 31, 2024, reflecting a 7.89% increase from the previous year's NAV of $35.23. The fund's average daily total net assets decreased to approximately $60.5 million from $76.6 million in 2023. Total income for the year was $5.68 million, a significant recovery from the previous year's income of $551,333, primarily driven by realized gains on closed commodity futures contracts and increased interest income from cash and cash equivalents.
In comparison to the fiscal year 2023, USL's management fees decreased to $362,799 from $459,888, while total expenses excluding management fees rose to $256,432 from $147,965. The increase in expenses was attributed to higher professional fees. The fund's trading activity involved 709 open commodity futures contracts, with a total unrealized loss of $478,755, down from a loss of $2.06 million in the prior year. The fund did not exceed the accountability levels imposed by the NYMEX or ICE Futures during the fiscal year.
USL's investment strategy focuses on tracking the daily changes in the spot price of light, sweet crude oil through investments in futures contracts. The fund aims to maintain that the average daily percentage change in its NAV over any 30-day period is within plus or minus 10% of the average daily percentage change in the prices of the Benchmark Oil Futures Contracts. For the year ended December 31, 2024, the fund successfully achieved this objective, with the average daily change in its NAV at 0.209%, compared to 0.196% for the Benchmark Oil Futures Contracts.
Looking ahead, USL's management anticipates continued volatility in the crude oil market, influenced by geopolitical factors and market conditions. The fund's ability to meet its investment objectives may be impacted by regulatory limits, market conditions, and risk mitigation measures. USL does not expect to make cash distributions to shareholders, as it intends to reinvest any realized gains into additional oil interests. The fund's performance will continue to be closely monitored to ensure alignment with its investment strategy and objectives.
About United States 12 Month Oil Fund, LP
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