The United States Natural Gas Fund, LP (UNG) reported its financial results for the first quarter of 2026, revealing a net income of $109.7 million, a decrease from $208.8 million in the same period of 2025. The fund's total income for the quarter was $111.2 million, down from $210.8 million year-over-year. This decline was primarily attributed to a significant drop in realized gains from trading commodity futures and swap contracts, which fell to $131.5 million from $228.7 million. The net asset value (NAV) per share decreased to $11.70 from $12.20 at the end of the previous quarter, reflecting a total return of -4.10% for the period.
In terms of operational metrics, UNG's average daily total net assets decreased to $502.6 million from $612.4 million in the prior year. The fund's management fees also saw a reduction, totaling $743,832 compared to $905,948 in the previous year. The number of shares outstanding as of March 31, 2026, was 37,946,103, down from 45,146,103 at the end of 2025, following the redemption of 71.3 million shares during the quarter. The fund's cash and cash equivalents stood at approximately $345.8 million, a decrease from $438.5 million at the end of 2025.
Strategically, UNG continues to focus on its investment objective of tracking the daily changes in the price of natural gas delivered at the Henry Hub. The fund held 11,542 NYMEX Natural Gas Futures Contracts as of March 31, 2026, with a notional amount of $350.9 million. The fund's management has indicated that it will continue to invest primarily in futures contracts while also exploring other natural gas-related investments as market conditions dictate. The management fee structure remains unchanged, with a fee of 0.60% for total net assets of $1 billion or less.
Looking ahead, UNG's management anticipates that market volatility, driven by factors such as geopolitical tensions and seasonal demand fluctuations, will continue to impact natural gas prices. The fund's strategy will adapt to these conditions, with a focus on maintaining adequate liquidity to meet margin and collateral requirements. The management has expressed confidence in the fund's ability to track its benchmark closely, despite the challenges posed by market dynamics and regulatory considerations.
About United States Natural Gas Fund, LP
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