The United States 12 Month Oil Fund, LP (USL) reported a significant decline in its financial performance for the fiscal year ending December 31, 2025. The fund's net asset value (NAV) per share decreased to $33.31 from $38.01 in the previous year, marking a decline of approximately 12.37%. Average daily total net assets also fell to $42.8 million from $60.5 million in 2024. The fund experienced a total loss of $5.3 million, primarily driven by realized losses on closed commodity futures contracts amounting to $4.5 million and a change in unrealized losses on open contracts of $2.6 million.
Compared to the previous fiscal year, USL's income from dividends and interest also decreased, totaling $1.7 million in 2025, down from $2.9 million in 2024. The management fee paid to United States Commodity Funds LLC (USCF), the fund's general partner, was $257,110, a reduction from $362,799 in the prior year. Total expenses, excluding management fees, decreased to $174,284 from $256,432, largely due to a reduction in professional fees.
In terms of operational developments, USL held 642 open commodity futures contracts as of December 31, 2025, all traded on the New York Mercantile Exchange (NYMEX). The fund did not hold any contracts on the ICE Futures. The average price of the Benchmark Oil Futures Contracts fluctuated throughout the year, with a high of $73.51 per barrel in January and a low of $55.42 in December, ultimately closing the year at $57.04 per barrel, reflecting an 18.16% decrease from the previous year.
Looking ahead, USL's management indicated that it intends to continue pursuing its investment objective of tracking the daily changes in the spot price of light, sweet crude oil. However, the fund's ability to meet its investment goals may be impacted by market conditions, regulatory requirements, and the potential for increased volatility in the crude oil market. The fund's strategy remains focused on investing primarily in futures contracts for light, sweet crude oil, while also considering other oil-related investments as necessary to comply with regulatory requirements and market conditions.
About United States 12 Month Oil Fund, LP
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