The United States 12 Month Natural Gas Fund, LP (UNL) reported a net asset value (NAV) per share of $8.12 as of December 31, 2024, a decrease of approximately 5.36% from the previous year’s NAV of $8.58. The fund's average daily total net assets increased to $18.1 million from $17.5 million in 2023. Despite the decline in NAV, UNL generated $906,945 in dividend and interest income from its investments in Treasuries and cash equivalents, up from $845,458 in the prior year. The management fee paid to United States Commodity Funds LLC (USCF) decreased from $131,022 in 2023 to $117,177 in 2024, reflecting a reduction in the management fee rate from 0.75% to 0.60% effective May 1, 2024.
In terms of operational metrics, UNL's total expenses, excluding management fees, rose to $257,905 in 2024 from $194,426 in 2023, primarily due to increased reporting costs and professional fees. The fund's unrealized gains on open commodity futures contracts improved significantly, showing a gain of $1,115,220 compared to a loss of $4,450,405 in the previous year. The total number of shares outstanding increased to 2.3 million from 1.9 million, with 54 Creation Baskets issued and 46 Redemption Baskets redeemed during the year.
UNL's investment strategy focuses on tracking the average daily percentage changes in the NAV per share to reflect the average daily percentage changes in the price of natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX). The fund held 515 natural gas futures contracts as of December 31, 2024, and did not exceed the accountability levels imposed by the NYMEX. The natural gas market experienced volatility during the year, with prices ranging from a low of $2.509 per MMBtu to a high of $3.739 per MMBtu, ultimately closing at $3.622 per MMBtu, a 30.81% increase over the year.
Looking ahead, UNL's management remains focused on maintaining its investment objective while navigating market conditions that may include contango and backwardation, which can impact the fund's performance. The fund's ability to meet its investment goals may be influenced by regulatory changes, market volatility, and the performance of natural gas prices. UNL's management will continue to monitor these factors closely to ensure alignment with its investment strategy and objectives.
About United States 12 Month Natural Gas Fund, LP
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