Fri, May 9, 6:58 PM (3 days ago)
**United States Natural Gas Fund, LP (UNG) - Q1 2025 Financial Summary** **Ticker:** UNG **Q1 2025 Financial Health:** - **Revenue:** UNG reported a total income of $210.75 million for Q1 2025, compared to a loss of $162.01 million in Q1 2024. - **Profit Margins:** Net income was $208.82 million, resulting in a net income per share of $4.69. - **Cash Flow:** Net cash provided by operating activities was $267.93 million, while net cash used in financing activities was $512.35 million. - **Expenses:** Total expenses were $1.93 million, including management fees of $905,948 and other expenses. **Performance Metrics:** - **Net Asset Value (NAV):** NAV per share increased from $16.85 to $21.54. - **Market Value:** Market value per share rose from $16.81 to $21.61. - **Share Performance:** The number of shares outstanding decreased to 19,546,103 due to a 1-for-4 reverse share split. **Quarterly Performance Discussion:** - **Revenue Sources:** Income primarily came from realized gains on commodity futures and swap contracts, dividend income, and interest income. - **Expense Management:** The decrease in total commissions and other expenses contributed to improved profitability. - **Market Conditions:** Natural gas futures prices were volatile, with the Benchmark Futures Contract increasing by approximately 13.38% over the quarter. **Trends and Uncertainties:** - **Market Volatility:** Natural gas prices experienced both contango and backwardation, affecting total returns. - **Regulatory Impact:** UNG exceeded accountability levels on the NYMEX but did not face regulatory actions. - **Future Operations:** UNG aims to continue tracking the Benchmark Futures Contract closely, despite market uncertainties. **Future Outlook:** - **Investment Strategy:** UNG will focus on managing its portfolio to reflect daily changes in the Benchmark Futures Contract. - **Risk Management:** UNG will monitor market conditions, regulatory requirements, and risk mitigation measures to ensure compliance and financial stability. **Conclusion:** UNG demonstrated significant improvement in Q1 2025, with increased revenue and profitability. However, the fund remains subject to market volatility and regulatory risks, which will continue to influence its performance.