Routine monthly CFTC compliance filing with no guidance, no operational changes, and no unexpected financial data. No actionable trade signal — USL's price tracks the 12-month oil futures curve, not fund-level income or NAV changes. Continue monitoring oil futures spreads and contango/backwardation dynamics for price direction.
Price Chart
Executive Summary
United States 12 Month Oil Fund, LP (USL) filed its monthly CFTC Rule 4.22 account statement for April 2026, reporting net income of ~$6.83M and an ending NAV of ~$59.03M ($53.67/share). The filing is a routine regulatory disclosure with no material new information for traders — the fund generated positive trading gains but saw NAV decline modestly from $59.74M due to net share redemptions of ~$7.53M (250K shares withdrawn vs 100K added).
Key Facts
- Net income for April 2026 was $6,830,154, driven by $5,249,516 in realized trading gains and $1,458,470 in unrealized gains.
- Ending NAV per share was $53.67, with total NAV of $59,033,804 on 1,100,000 shares outstanding.
- Net share redemptions of 150,000 shares (100,000 added, 250,000 withdrawn) reduced NAV by ~$7.5M during the month.
- Total expenses were $43,676, including $28,504 in management fees.
- The filing is a routine monthly account statement required under Commodity Exchange Act Rule 4.22.
Financial Impact
No material financial impact; NAV per share $53.67, net income $6.83M on $59.7M beginning NAV.
Risk Factors
- Net redemptions continued (150K net shares withdrawn), suggesting potential liquidation pressure or structural demand shift.
- Commodity futures market volatility could impact future trading gains and NAV.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-067260 |
| Document: tm2614350d3_ex99-1.htm | 0001104659-26-067260 |
| Document: 0001104659-26-067260-index-headers.html | 0001104659-26-067260 |
| Document: 0001104659-26-067260-index.html | 0001104659-26-067260 |
| Document: 0001104659-26-067260.txt | 0001104659-26-067260 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 28d ago | 8-K | $56.26 $63.25 | ▲ +12.42% | ▲ +11.70% | $63.24 (+12.42%) |
Sep 25, 2026 4w ago | 8-K | $56.99 $63.47 | ▲ +11.38% | ▲ +11.41% | $63.24 (+10.98%) |
Aug 28, 2026 8w ago | 8-K | $51.26 $56.99 | ▲ +11.17% | ▲ +10.91% | $63.24 (+23.38%) |
Jul 29, 2026 12w ago | 8-K | $50.75 $50.95 | ▲ +0.39% | ▼ −4.63% | $63.24 (+24.63%) |
Jun 29, 2026 17w ago | 8-K | $45.45 $51.78 | ▲ +13.94% | ▲ +14.22% | $63.24 (+39.17%) |
May 28, 2026 21w ago | 8-K | $52.11 $44.93 | ▼ −13.77% | ▼ −10.63% | $63.24 (+21.37%) |
Apr 29, 2026 25w ago | 8-K | $53.84 $51.72 | ▼ −3.94% | ▼ −9.40% | $63.24 (+17.47%) |
US Market Status
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