The United States Brent Oil Fund, LP (BNO) reported its financial results for the first quarter of 2025, revealing a net income of $4.9 million, a significant decrease from $20.2 million in the same period of the previous year. The fund's total income for the quarter was $5.2 million, down from $20.6 million year-over-year, primarily due to a substantial decline in realized gains on closed commodity futures contracts, which fell to $1.4 million from $15.6 million. The net asset value (NAV) per share increased to $31.13 from $30.14, reflecting a total return of 3.28% for the quarter.
BNO's total assets decreased to $98.3 million as of March 31, 2025, compared to $114.9 million at the end of 2024. This decline was attributed to a reduction in cash and cash equivalents, which fell from $80.1 million to $61.9 million. The number of limited partner shares outstanding also decreased, from 3.8 million to 3.15 million, indicating a net redemption of shares during the quarter. The fund's management fees decreased to $183,818 from $247,939, reflecting a lower average daily total net asset base of $99.4 million compared to $133 million in the prior year.
Operationally, BNO held 1,312 long futures contracts for Brent crude oil as of March 31, 2025, with an unrealized gain of $5.4 million on these contracts, up from $2.6 million at the end of 2024. The fund's strategy continues to focus on tracking the daily changes in the price of Brent crude oil through its futures contracts. The average daily change in BNO's NAV was reported at 0.061%, which closely aligned with the average daily change of 0.049% in the price of the Benchmark Futures Contract, indicating effective management of the fund's investment objective.
Looking ahead, BNO's management anticipates that market conditions, including ongoing geopolitical tensions and fluctuations in crude oil prices, will continue to impact the fund's performance. The fund's strategy remains focused on maintaining liquidity and managing risks associated with commodity price volatility. BNO has not leveraged its assets and intends to continue meeting its liquidity needs through the proceeds from the sale of its investments and cash equivalents. The fund's management will monitor market conditions closely to adapt its investment strategy as necessary.
About United States Brent Oil Fund, LP
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