The United States Natural Gas Fund, LP (UNG) reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The fund recorded a net loss of $122.4 million for the three months ended June 30, 2025, compared to a net income of $174.1 million for the same period in 2024. This shift was primarily driven by substantial realized losses on trading of commodity futures and swap contracts, which amounted to $41.97 million and $61.48 million, respectively. The total income for the quarter was reported at $(121.29 million), a stark contrast to the previous year's income of $176.59 million.
In terms of assets, UNG's total assets decreased to $375.68 million as of June 30, 2025, down from $790.02 million at the end of 2024. The decline in assets was attributed to a significant drop in cash and cash equivalents, which fell from $593.54 million to $284.32 million. The fund's partners' capital also saw a reduction, dropping to $360.54 million from $743.84 million over the same period. The number of limited partner shares outstanding decreased to 23.55 million from 44.15 million, reflecting a reduction in investor participation.
Operationally, UNG held 6,151 long natural gas futures contracts as of June 30, 2025, with a notional amount of $232.45 million. The fund's average daily total net assets for the six months ended June 30, 2025, were $493.40 million, a decrease from $813.80 million in the same period of the previous year. The average yield on investments also declined, with dividend and interest income dropping to $9.17 million from $19.73 million year-over-year. The management fee for the fund was reported at $1.47 million, down from $2.42 million, reflecting the overall decrease in assets.
Looking ahead, UNG's management indicated that the fund's investment strategy remains focused on tracking the daily changes in the price of natural gas delivered at the Henry Hub. However, the recent volatility in natural gas prices, which saw a decrease of approximately 4.87% over the reporting period, poses challenges for the fund's performance. The management anticipates that market conditions, including potential geopolitical influences and changes in supply and demand dynamics, will continue to impact the fund's operations and investment outcomes. The fund's ability to navigate these challenges will be critical in maintaining its investment objectives and managing investor expectations.
About United States Natural Gas Fund, LP
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