The United States Gasoline Fund, LP (UGA) reported a significant decline in its financial performance for the six months ended June 30, 2025, compared to the same period in 2024. The fund recorded a net loss of $3.64 million, or $2.66 per limited partner share, down from a net income of $12.16 million, or $8.11 per share, in the prior year. Total income for the current period was $1.17 million, a stark contrast to $12.61 million in the previous year, primarily due to a realized loss on trading of commodity futures contracts and a decrease in dividend and interest income.
UGA's total assets decreased to $72.48 million as of June 30, 2025, from $100.98 million at the end of 2024. This decline was attributed to a reduction in cash and cash equivalents, which fell from $75.86 million to $58.79 million, and a significant unrealized loss on open commodity futures contracts, which shifted from a gain of $2.76 million to a loss of $4.68 million. The number of limited partner shares outstanding also decreased from 1.6 million to 1.25 million, reflecting a redemption of shares during the period.
In terms of operational metrics, UGA held 831 futures contracts for gasoline traded on the NYMEX as of June 30, 2025. The average daily total net assets for the fund were $83.89 million, down from $100.68 million in the previous year. The fund's management fees decreased to $249,613 from $300,319, while total expenses excluding management fees rose slightly to $164,828 from $147,848. The decrease in commissions accrued to brokers was noted, attributed to a lower number of futures contracts being held and traded.
Looking ahead, UGA's management indicated that market conditions, including the ongoing geopolitical tensions and fluctuations in crude oil prices, could continue to impact the fund's performance. The fund aims to maintain its investment objective of tracking the daily changes in the price of gasoline, although it acknowledges the challenges posed by market volatility and the potential for contango and backwardation in futures pricing. UGA's management remains focused on optimizing its portfolio to align with its investment strategy while navigating the current economic landscape.
About United States Gasoline Fund, LP
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