The United States Natural Gas Fund, LP (UNG) reported significant financial changes for the three and nine months ended September 30, 2024, compared to the same periods in 2023. For the three months, total income reached $4.4 million, a stark recovery from a loss of $79.0 million in the prior year. Similarly, for the nine-month period, total income was $19.0 million, reversing a loss of $409.5 million in 2023. Net income for the third quarter was $1.9 million, compared to a loss of $81.6 million in the same quarter last year, while net income for the nine months was $11.4 million, up from a loss of $417.5 million.

Despite these improvements, the net asset value (NAV) per share decreased to $16.43 as of September 30, 2024, from $20.36 at the end of 2023, reflecting a decline of approximately 19.30% over the nine-month period. The market value per share also fell to $16.33 from $20.28. The company’s total assets decreased to $932.6 million from $987.8 million, while total liabilities increased significantly to $42.8 million from $13.9 million.

The fund's cash and cash equivalents rose to $691.9 million from $678.0 million at the end of 2023, indicating a stable liquidity position. However, limited partners' capital decreased to $889.8 million from $973.9 million, reflecting a reduction in overall capital. The number of outstanding shares as of October 28, 2024, was reported at 64,646,103.

Strategically, UNG continues to focus on its investment objective of tracking the price of natural gas through futures contracts. As of September 30, 2024, the fund held 23,099 NYMEX Natural Gas Futures contracts, with a fair value/unrealized gain of approximately $604.5 million. The fund's investment strategy aims to closely correlate its NAV with the daily changes in the price of natural gas, although it has faced challenges due to market volatility and regulatory conditions.

In terms of expenses, management fees for the nine months ended September 30, 2024, were $3.6 million, down from $4.7 million in 2023. Total fees and other expenses, excluding management fees, increased to $4.0 million from $3.3 million, primarily due to higher commissions and registration-related expenses.

Overall, while UNG has shown a recovery in income and profitability, it continues to navigate challenges related to asset values, market conditions, and operational expenses.