The United States 12 Month Natural Gas Fund, LP (UNL) reported its financial results for the nine months ended September 30, 2024, highlighting significant changes in its performance compared to the previous fiscal period. As of September 30, 2024, UNL's cash and cash equivalents increased to $18.6 million from $14.5 million at the end of 2023. Total assets rose to $20.3 million, up from $16.4 million, while limited partners' capital also saw an increase to $20.2 million from $16.3 million.

The net asset value (NAV) per share decreased to $7.92 from $8.58, reflecting a decline of approximately 7.69% over the nine-month period. The market value per share mirrored this trend, dropping to $7.88 from $8.58. The total fair value of open commodity futures contracts held by UNL was $20.4 million, with an overall unrealized loss of $175,600, a significant improvement from the unrealized loss of $4.45 million reported at the end of 2023.

For the three months ended September 30, 2024, UNL reported a realized loss on closed commodity futures contracts of $1.02 million, a reduction from a loss of $3.11 million in the same period of 2023. Total income (loss) for the quarter was $(494,126), an improvement from $(881,541) in the prior year. However, total expenses increased to $106,782 from $88,460, contributing to a net loss of $(596,136), compared to $(921,473) in the same quarter of 2023.

Over the nine-month period, UNL's net loss was $(1.70 million), a notable decrease from $(8.69 million) in the previous year. The addition of partnership shares also increased significantly, with 2.15 million shares added compared to 650,000 in the same period of 2023.

The average price of the benchmark natural gas futures contracts rose by 18.17% during the nine months, from $2.769 per million British thermal units (MMBtu) to $3.272 per MMBtu. This period was characterized by volatility in natural gas prices, influenced by various market factors, including domestic supply and demand dynamics and geopolitical events.

UNL's management fee is set to decrease from 0.75% to 0.60% per annum effective May 1, 2024. The fund's strategy remains focused on investing primarily in natural gas futures contracts, with a commitment to maintaining liquidity and managing market risks associated with its investments.