The United States Brent Oil Fund, LP (BNO) reported significant financial changes for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The fund experienced a realized loss on closed commodity futures contracts of $(18.5 million) for the third quarter of 2024, a stark contrast to a realized gain of $36.9 million in the same quarter of the previous year. Consequently, total income for the three months ended September 30, 2024, was $(22.0 million), down from $38.9 million in 2023. For the nine-month period, the realized loss was $(3.2 million), compared to a gain of $30.1 million in 2023, leading to a total income loss of $(0.4 million) versus a gain of $20.2 million in the prior year.

Net income for the third quarter of 2024 was $(22.5 million), a significant decline from a net income of $38.5 million in 2023. This resulted in a net loss per limited partner share of $(3.89) for the quarter, compared to earnings of $6.57 in the same period last year. For the nine months, net income was $(1.6 million), down from $18.8 million, with net income per share decreasing from $3.80 to $0.89.

The fund's cash and cash equivalents increased to $181.5 million as of September 30, 2024, from $118.3 million a year earlier. Total assets rose to $216.7 million, up from $130.4 million, while total liabilities increased slightly to $315,923 from $271,306. Limited partners' capital also saw a substantial rise, reaching $216.3 million compared to $130.1 million at the end of 2023.

BNO's investment strategy remains focused on futures contracts for crude oil and related products, with 3,018 futures contracts held as of September 30, 2024. The fund's net asset value (NAV) per share increased to $28.28 from $27.39 at the end of 2023, while the market value per share rose to $28.31 from $27.31.

The fund's management fees for the nine months ended September 30, 2024, were $825,309, a decrease from $1.1 million in the previous year. Total fees and expenses, excluding management fees, increased to $438,982 from $238,942, attributed to higher commissions and professional fees.

BNO's performance was impacted by market conditions, with Brent crude oil prices experiencing volatility, ending the nine-month period at $71.70 per barrel, down from $77.04 per barrel at the start. The fund's total return for the nine months was 3.25%, a decline from 13.45% in the same period of 2023.