Fri, Feb 28, 9:53 PM (57 days ago)
The United States 12 Month Oil Fund, LP (USL), a commodity pool traded on the NYSE Arca under the ticker USL, reported a net asset value (NAV) of $38.01 per share as of December 31, 2024, reflecting a 7.89% increase from the previous year. Average daily total net assets decreased to approximately $60.46 million from $76.65 million in 2023. Total income for 2024 was $5.68 million, primarily from realized gains on commodity futures contracts and interest income. Operating expenses totaled $619,231, resulting in a net income of $5.06 million. USL's investment strategy focuses on tracking the daily changes in the spot price of light, sweet crude oil through investments in futures contracts. The fund held 709 contracts as of year-end, adhering to regulatory accountability levels and position limits. The market environment for crude oil was characterized by periods of both contango and backwardation, influencing total returns. USL faces risks including market volatility, regulatory changes, and counterparty credit risks. It does not anticipate making cash distributions, and its expenses are primarily management fees and brokerage commissions. The fund's future outlook remains cautious amid fluctuating oil prices and ongoing geopolitical tensions.