United States Gasoline Fund Reports $58.5M Income and 67.46% Total Return for Q1 2026

The United States Gasoline Fund, LP (UGA) reported significant financial performance for the first quarter of 2026, with total income reaching $58.5 million, a substantial increase from $2.3 million in the same period of 2025. This surge was primarily driven by realized gains on trading of commodity futures contracts, which amounted to $52.9 million, compared to a loss of $167,800 in the previous year. The fund's net income for the quarter was $58.2 million, translating to a net income per limited partner share of $41.67, a notable rise from $1.34 in the prior year.

UGA's total assets as of March 31, 2026, were reported at $150.2 million, significantly up from $77.5 million at the end of 2025. The increase in assets was largely attributed to a rise in cash and cash equivalents, which grew to $121.2 million from $67.1 million. The fund also saw its partners' capital increase to $150 million, up from $77.2 million, reflecting a strong performance in the market and increased investor confidence.

In terms of operational developments, UGA held 1,115 futures contracts for gasoline traded on the NYMEX as of March 31, 2026. The fund's average daily total net assets increased to $102.7 million from $94.7 million year-over-year. The number of limited partner shares outstanding rose to 1.45 million, up from 1.25 million, indicating a growing interest in the fund. The fund's market value per share also saw a significant increase, reaching $103.34, compared to $61.73 at the end of 2025.

The filing noted that UGA's investment strategy aims to closely track the daily changes in the price of gasoline futures contracts. The fund's management indicated that it seeks to maintain the average daily percentage change in its net asset value (NAV) within a range of 90% to 110% of the average daily change in the price of the benchmark futures contract. For the three months ended March 31, 2026, UGA's actual total return was 67.46%, outperforming the expected return based on the benchmark by 1.03%.

Looking ahead, UGA's management expressed optimism about the fund's ability to continue tracking gasoline prices effectively, despite potential market volatility. The fund's strategy includes maintaining adequate liquidity to meet margin and collateral requirements while avoiding leverage. The management remains cautious about external factors such as geopolitical tensions and economic conditions that could impact gasoline prices and, consequently, the fund's performance.