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United States 12 Month Oil Fund, LP has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the financial condition and results of operations for the period, reporting a net income of $2,115,288 for the nine months ended September 30, 2024, compared to $9,788,523 for the same period in 2023.
USL's total assets were $54,041,659 as of September 30, 2024, down from $67,162,488 as of December 31, 2023. The decrease is attributed to a reduction in limited partners' capital.
Net asset value per share increased slightly from $35.23 at the end of 2023 to $35.91 as of September 30, 2024.
USL held 802 futures contracts for light, sweet crude oil traded on the NYMEX (CME-0.38%) as of September 30, 2024, and reported a decrease in the average daily total net assets to $62,536,322 for the nine months ended September 30, 2024, from $77,635,612 in the same period the previous year.
The fund's management fees totaled $280,879 for the nine months ended September 30, 2024, compared to $348,403 in the previous year, reflecting a decrease in average daily total net assets.
USL's investment objective is to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil, as measured by the daily changes in the average of the prices of specified short-term futures contracts.
The filing also discusses the regulatory environment, including compliance with CFTC and SEC regulations, and the impact of geopolitical events such as the Russia-Ukraine war and Middle East conflicts on crude oil prices.
USL's general partner, United States Commodity Funds LLC, continues to manage the fund's assets in accordance with its investment objectives and regulatory requirements.
The filing includes a discussion of legal proceedings, noting that USL is not currently party to any material legal proceedings, although its general partner, USCF, is involved in ongoing litigation related to its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States 12 Month Oil Fund LP quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.