USL Reports $4M Loss Amid Declining Oil Market, Sees Decreased Assets and Share Values

United States 12 Month Oil Fund, LP (NYSE: USL)

Key Highlights:

• Total Assets (June 30, 2025): $42,371,422 (Decreased from $49,635,690 as of December 31, 2024)
• Total Liabilities: $142,902 (Decreased from $219,506 as of December 31, 2024)
• Partners' Capital: $42,228,520 (Decreased from $49,416,184 as of December 31, 2024)
• Shares Outstanding: 1,200,000
• Net Asset Value per Share: $35.19 (Down from $38.01)
• Market Value per Share: $35.12 (Down from $38.02)
• Net Income (Loss) for Q2 2025: $(3,983,265) (Compared to $881,001 in Q2 2024)
• Total Income (Loss) for Q2 2025: $(3,884,992) (Compared to $1,024,693 in Q2 2024)
• Commissions Accrued: $3,291 for six months ended June 30, 2025 (Compared to $3,796 in 2024)
• Annualized Yield: 4.10% (Down from 4.98%)

Positive Aspects:

• Decrease in total liabilities indicates improved financial health and management efficiency.
• The cash and cash equivalents are strong, totaling $36,075,404, giving liquidity for future investments and obligations.
• The decrease in commission expenses may reflect a more efficient trading operation.

Negative Aspects:

• Substantial net losses for Q2 2025 highlight the pressure of commodities market fluctuations on USL's operations.
• Decrease in net asset value per share signifies deterioration in investor value.
• Total income for Q2 2025 turned negative due to significant realized and unrealized losses on commodity futures contracts.
• Strong fluctuations in commodity prices present ongoing risks that could further impact financial performance.
• Lower annualized yield suggests reduced return potential for investors over the reporting period.

The performance of USL has been heavily affected by a declining local and global oil market, where crude prices dipped significantly. With an ongoing commitment to commodity futures contracts, USL's financial health relies substantially on these market movements. Stakeholders should closely monitor fluctuations in the oil market as they could pose risks to returns.