As of September 30, 2024, the United States Gasoline Fund, LP (UGA) reported significant financial changes compared to the previous fiscal period. Cash and cash equivalents increased to $74.65 million from $45.85 million as of December 31, 2023. Total assets rose to $96.70 million, up from $85.17 million, while total partners’ capital also saw an increase to $96.54 million from $84.90 million. However, the net asset value (NAV) per share decreased to $58.51 from $60.64, and the market value per share fell to $58.43 from $60.70.

UGA experienced a realized loss on closed commodity futures contracts of $(9.64 million) for the three months ended September 30, 2024, contrasting sharply with a realized gain of $11.21 million for the same period in 2023. Total income (loss) for the three months was $(13.45 million), compared to a gain of $5.49 million in the prior year. For the nine months ended September 30, 2024, UGA reported a realized loss of $(6.01 million) on closed contracts, down from a gain of $26.62 million in 2023, leading to a total income (loss) of $(848,308) compared to $9.64 million in the previous year.

Net income (loss) for the three months ended September 30, 2024, was $(13.74 million), a decline from a profit of $5.27 million in 2023. The net income (loss) per limited partner share for the same period was $(8.98), compared to $4.95 in 2023. For the nine-month period, net income (loss) was $(1.58 million), down from $8.94 million in 2023.

The average daily total net assets for the nine months ended September 30, 2024, were $100.18 million, an increase from $74.41 million in the previous year. Dividend and interest income from Treasuries and cash equivalents rose to $3.80 million from $2.45 million, with an annualized yield increasing to 5.07% from 4.41%.

UGA's investment strategy primarily involves futures contracts for gasoline and other petroleum-based fuels. As of September 30, 2024, UGA held 1,188 futures contracts traded on the NYMEX. The market conditions during this period were characterized by significant volatility in gasoline prices, influenced by geopolitical tensions and fluctuations in crude oil prices.

Overall, UGA's financial performance reflects a challenging environment, with substantial losses in commodity futures impacting profitability, despite increases in cash reserves and total assets.