The United States 12 Month Oil Fund, LP (USL) reported significant financial changes for the nine-month period ending September 30, 2024. The fund's total income (loss) for this period was $2.6 million, a decrease from $10.2 million in the same period of 2023. The net income (loss) for the third quarter was $(7.0 million), compared to a net income of $15.5 million in the prior year. This resulted in a net income (loss) per limited partner share of $(4.63) for Q3 2024, down from $7.36 in Q3 2023.

As of September 30, 2024, USL's cash and cash equivalents increased to $36.9 million from $23.5 million at the end of 2023. However, total assets decreased to $54.0 million from $67.2 million, while total liabilities fell to $170,268 from $225,707. Limited Partners' Capital also declined to $53.9 million from $66.9 million. The net asset value (NAV) per share rose to $35.91 from $35.23, reflecting a slight increase in value despite the overall losses.

USL's investment strategy primarily focuses on futures contracts for light, sweet crude oil, with a total of 802 contracts held as of the reporting date. The fund's total open futures contracts were valued at $57.7 million, with an unrealized loss of $(3.9 million), representing 7.17% of partners' capital. This contrasts with the previous fiscal period, where the total fair value of open contracts was $69.0 million, with a lower unrealized loss of $(2.1 million).

The average daily total net assets for the nine months ended September 30, 2024, were $62.5 million, down from $77.6 million in the same period of 2023. The annualized yield based on these assets increased to 4.98% from 4.40%. The fund's management fee for the period was $87,744, a decrease from $116,147 in the previous year.

Market conditions have been volatile, with crude oil prices averaging $71.39 per barrel at the beginning of the period and ending at $67.14, a decrease of approximately 5.95%. The fund's performance has been impacted by these fluctuations, as well as by the timing of buying and selling futures contracts.

USL has maintained a conservative approach, not utilizing borrowings or lines of credit, and plans to continue this strategy. The fund's liquidity needs are met through proceeds from the sale of investments and cash equivalents. As of September 30, 2024, USL's total cash, cash equivalents, and equity in trading accounts amounted to $57.7 million.