Fri, Nov 8, 6:02 PM (253 days ago)
For the quarter ending September 30, 2024, the United States Oil Fund, LP (USO) reported a significant decline in net income, posting a loss of $135,450,397 compared to a profit of $355,087,475 in the same period last year. This downturn was largely driven by substantial realized and unrealized losses on commodity futures and swap contracts, totaling $132,775,208 in losses for the quarter. Despite these losses, USO's net asset value (NAV) increased by 4.41% from $66.91 to $69.86 per share, reflecting a decrease in the Benchmark Oil Futures Contract price by approximately 4.86% during the same period. USO maintained total assets of $1,419,439,038, with cash and cash equivalents significantly rising to $1,111,104,063, while liabilities surged to $76,515,043, primarily due to increased share redemptions. The fund's management fee decreased to $4,506,030, down from $5,343,348, amidst rising interest rates that bolstered income from cash and cash equivalents. Looking ahead, USO anticipates continued volatility in oil markets influenced by geopolitical tensions and market conditions. The fund's strategy remains focused on tracking the Benchmark Oil Futures Contract closely, despite recent challenges and uncertainties in oil pricing dynamics.