The fund generated strong trading performance, but significant net outflows suggest investor skepticism or portfolio rebalancing. Traders should monitor whether this outflow trend continues in subsequent months, which could impact UNG's ability to maintain positions.
Price Chart
Executive Summary
United States Natural Gas Fund, LP (UNG) filed its monthly account statement for January 31, 2026, reporting a net income of $252.4 million. The fund's net asset value decreased from $550.6 million to $446.3 million due to net shareholder withdrawals of $746.1 million, despite strong trading gains.
Key Facts
- Net income for January 2026 was $252,385,178, driven by $253.1 million in total income, primarily from realized and unrealized gains on commodity futures and swap contracts
- Net asset value declined from $550.6 million to $446.3 million due to $746.1 million in shareholder withdrawals, partially offset by $389.4 million in additions
- Net asset value per share was $16.88 as of January 31, 2026, with 26,446,103 shares outstanding
- Total expenses were $671,100, consisting mainly of management fees, brokerage commissions, and professional fees
Financial Impact
Net income of $252.4 million on trading gains, but net asset value decreased by $104.3 million due to net outflows of $356.7 million
Risk Factors
- Continued net outflows could force the fund to reduce its commodity positions, potentially impacting future performance
- The fund's performance is highly sensitive to natural gas price volatility, which could reverse the recent gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-021016 |
| Document: tm266376d2_ex99-1.htm | 0001104659-26-021016 |
| Document: 0001104659-26-021016-index.html | 0001104659-26-021016 |
| Document: 0001104659-26-021016.txt | 0001104659-26-021016 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $10.66 | awaiting T+20 | — | $9.64 (−9.57%) |
Sep 29, 2026 28d ago | 8-K | $10.35 $9.64 | ▼ −6.86% | ▼ −7.57% | $9.64 (−6.86%) |
Sep 25, 2026 4w ago | 8-K | $10.79 $9.56 | ▼ −11.40% | ▼ −11.37% | $9.64 (−10.66%) |
Aug 28, 2026 8w ago | 8-K | $10.33 $10.79 | ▲ +4.45% | ▲ +4.19% | $9.64 (−6.68%) |
Jul 29, 2026 12w ago | 8-K | $9.93 $10.41 | ▲ +4.83% | ▼ −0.19% | $9.64 (−2.92%) |
Feb 27, 2026 34w ago | 8-K | $11.52 $12.28 | ▲ +6.60% | ▲ +14.15% | $9.64 (−16.32%) |
US Market Status
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