United States 12 Month Oil Fund Reports $16.97 Million Income for March 2026 Quarter

The United States 12 Month Oil Fund, LP (USL) reported significant financial performance for the three months ending March 31, 2026, with total income reaching $16.97 million, a substantial increase from $460,050 in the same period last year. The fund's net income for the quarter was $16.86 million, translating to a net income per limited partner share of $14.48, compared to $0.20 in the prior year. This performance was driven by realized gains on closed commodity futures contracts of $1.61 million and a notable change in unrealized gains on open commodity futures contracts, which amounted to $14.96 million, compared to a gain of $104,162 in the previous year.

USL's total assets increased significantly to $65.46 million as of March 31, 2026, up from $36.82 million at the end of 2025. This growth was primarily attributed to a rise in cash and cash equivalents, which increased from $31.78 million to $53.36 million. The fund's partners' capital also saw a notable rise, reaching $59.74 million, compared to $36.64 million at the end of the previous fiscal period. The number of limited partners' shares outstanding increased to 1.25 million from 1.1 million, reflecting a growing interest in the fund.

Operationally, USL held 758 open commodity futures contracts for light, sweet crude oil traded on the NYMEX, with a total fair value of $47.79 million. The average price of the Benchmark Oil Futures Contracts increased by approximately 38.10% during the quarter, ending at $78.77 per barrel. The fund's management indicated that the increase in crude oil prices was influenced by geopolitical tensions, particularly the Iran War, which disrupted global oil supply. The fund's strategy aims to closely track the daily changes in the average prices of these futures contracts, and it successfully maintained its performance within the established benchmark tracking goal.

Looking ahead, USL's management remains cautious about market conditions, particularly regarding ongoing geopolitical conflicts and their potential impact on oil prices. The fund's investment strategy will continue to focus on maintaining adequate liquidity to meet margin and collateral requirements while avoiding leverage. The management anticipates that interest rates may remain stable, which could allow the fund to outperform its benchmark as long as income from investments exceeds expenses. Overall, USL's financial outlook appears positive, supported by strong operational metrics and a strategic focus on navigating market volatility.