The United States Natural Gas Fund, LP (UNG) reported a significant decline in its financial performance for the fiscal year ending December 31, 2025, with a net asset value (NAV) per share of $12.20, down approximately 27.60% from $16.85 in the previous year. The fund's average daily total net assets also decreased to $520.3 million from $815.4 million in 2024. Total income for the year was $40.3 million, a decrease from $75.3 million in 2024, primarily due to lower realized gains on closed commodity futures and swap contracts, which were impacted by market volatility and trading conditions.
In terms of operational metrics, UNG's trading activities were marked by a notable reduction in the number of natural gas futures contracts held, with 11,783 contracts valued at $928,964 as of December 31, 2025. The fund's management fees decreased to $3.1 million from $4.9 million, reflecting the lower average daily net assets. Additionally, total commissions accrued to brokers fell to $1.05 million from $2.56 million, attributed to a reduced volume of trading activity.
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, Louisiana, through investments in futures contracts and other natural gas-related investments. The fund's management, United States Commodity Funds LLC (USCF), emphasized its commitment to maintaining a neutral investment strategy, which aims to keep the average daily percentage change in UNG's NAV within plus or minus ten percent of the average daily percentage change in the price of the Benchmark Futures Contract over a 30-day period.
Looking ahead, UNG's management expressed cautious optimism regarding market conditions, noting that the natural gas market has historically experienced both contango and backwardation, which can impact total returns. The fund's ability to meet its investment objectives may be influenced by regulatory accountability levels and position limits, which could restrict its trading activities. As of December 31, 2025, UNG had 72,500 shareholders, and it continues to explore opportunities for growth while navigating the complexities of the natural gas market.
About United States Natural Gas Fund, LP
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