The fund experienced significant realized losses and net redemptions in June, reflecting adverse Brent crude futures positioning. Monitor Brent crude price action and the fund's next monthly statement for signs of continued NAV erosion or stabilization. The persistent outflow pattern (net 1.8M shares redeemed) suggests waning investor conviction in the crude oil ETF structure.
Price Chart
Executive Summary
United States Brent Oil Fund, LP (BNO) filed its monthly account statement for June 2026, reporting a net loss of $162.4 million, driven by a $234 million realized trading loss on commodity futures partially offset by a $70.1 million unrealized gain. Net asset value fell 29% from $765.1 million to $543.6 million, with net redemptions of 1.8 million shares. This routine regulatory filing reflects the fund's exposure to Brent crude futures volatility and ongoing net outflows, but contains no new operational or strategic developments.
Key Facts
- Net loss of $162,401,367 for June 2026
- Net asset value declined from $765,054,342 to $543,576,722 (-29%)
- Realized trading loss on commodity futures of $234,037,190
- Unrealized gain on commodity futures of $70,126,390
- Net redemptions: 5,550,000 shares withdrawn vs 3,750,000 shares added
- NAV per share ended at $40.41 on 13,450,000 shares outstanding
Financial Impact
Net loss of $162.4M and NAV decline of $221.5M (-29%) in a single month
Risk Factors
- Continued realized losses from commodity futures trading
- Sustained net redemptions reducing AUM and liquidity
- Brent crude price volatility directly impacting fund performance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-087862 |
| Document: tm2620060d6_ex99-1.htm | 0001104659-26-087862 |
| Document: 0001104659-26-087862-index-headers.html | 0001104659-26-087862 |
| Document: 0001104659-26-087862-index.html | 0001104659-26-087862 |
| Document: 0001104659-26-087862.txt | 0001104659-26-087862 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $58.75 | awaiting T+60 | — | $69.42 (+18.16%) |
Sep 25, 2026 4w ago | 8-K | $60.33 | awaiting T+60 | — | $69.42 (+15.07%) |
Aug 28, 2026 8w ago | 8-K | $51.48 | awaiting T+60 | — | $69.42 (+34.85%) |
Jul 29, 2026 12w ago | 8-K | $50.43 $68.91 | ▼ −36.64% | ▼ −31.92% | $69.42 (−37.66%) |
May 28, 2026 21w ago | 8-K | $51.33 $53.80 | ▲ +4.81% | ▲ +3.08% | $69.42 (+35.24%) |
Apr 29, 2026 25w ago | 8-K | $58.81 $52.58 | ▼ −10.59% | ▼ −14.70% | $69.42 (+18.04%) |
Feb 27, 2026 34w ago | 8-K | $34.81 $53.10 | ▲ +52.54% | ▲ +43.16% | $69.42 (+99.43%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers