United States 12 Month Natural Gas Fund, LP 10-Q for FY2024 Q3

United States 12 Month Natural Gas Fund, LP (UNL)

10-Q 2024-11-08 For: 2024-09-30

Added on April 11, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on November 8, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: -$494.13K; compared with -$881.54K a year earlier
Net loss: $596.14K; compared with a net loss of $921.47K a year earlier

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Delaware		26-0431733
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Shares of United States 12 Month Natural Gas Fund, LP	UNL	NYSE Arca, Inc.


Large Accelerated Filer	☐	Accelerated Filer	☐

Non-Accelerated Filer	☒	Smaller Reporting Company	☐

Emerging Growth Company	☐

Part I. FINANCIAL INFORMATION	Page

Item I. Condensed Financial Statements.	3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	38

Item 4. Controls and Procedures.	39

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	40

Item 1A. Risk Factors.	43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	43

Item 3. Defaults Upon Senior Securities.	43

Item 4. Mine Safety Disclosures.	43

Item 5. Other Information.	44

Item 6. Exhibits.	44

Documents		Page

Condensed Statements of Financial Condition at September 30, 2024 (Unaudited) and December 31, 2023		4

Condensed Schedules of Investments (Unaudited) at September 30, 2024 and December 31, 2023		5

Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023		7

Condensed Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2024 and 2023		8

Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023		9

Notes to Condensed Financial Statements (Unaudited) for the period ended September 30, 2024		10


	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents (at cost $18,596,289 and $14,477,947, respectively) (Notes 2 and 5)	$	18,596,289	$	14,477,947
Equity in trading accounts:
Cash and cash equivalents (at cost $1,717,390 and $6,113,231, respectively)		1,717,390		6,113,231
Unrealized gain (loss) on open commodity futures contracts		(175,600)		(4,450,405)
Receivable from General Partner (Note 3)		80,980		168,223
Dividends receivable		45,548		53,943
Interest receivable		33,512		18,055
Prepaid license fees		4,612		6,623
Prepaid insurance		1,381		2,121

Total Assets	$	20,304,112	$	16,389,738

Liabilities and Partners’ Capital
General Partner management fees payable (Note 3)	$	9,800	$	10,902
Professional fees payable		100,488		79,649
Brokerage commissions payable		391		391
Directors’ fees payable		558		2,846

Total Liabilities		111,237		93,788

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—		—
Limited Partners		20,192,875		16,295,950
Total Partners’ Capital		20,192,875		16,295,950

Total Liabilities and Partners’ Capital	$	20,304,112	$	16,389,738

Limited Partners’ shares outstanding		2,550,000		1,900,000
Net asset value per share	$	7.92	$	8.58
Market value per share	$	7.88	$	8.58


				Fair
				Value/Unrealized
				Gain (Loss) on
				Open
			Number of	Commodity		% of Partners’
	Notional Amount		Contracts	Contracts		Capital
Open Commodity Futures Contracts – Long
United States Contracts
NYMEX Natural Gas Futures NG November 2024 contracts, expiring October 2024	$	1,525,740	51	$	(35,010)	(0.17)
NYMEX Natural Gas Futures NG December 2024 contracts, expiring November 2024		1,836,143	52		(96,743)	(0.48)
NYMEX Natural Gas Futures NG January 2025 contracts, expiring December 2024		1,927,520	51		(90,500)	(0.45)
NYMEX Natural Gas Futures NG February 2025 contracts, expiring January 2025		1,842,080	51		(65,240)	(0.32)
NYMEX Natural Gas Futures NG March 2025 contracts, expiring February 2025		1,608,744	51		15,096	0.07
NYMEX Natural Gas Futures NG April 2025 contracts, expiring March 2025		1,508,377	51		35,903	0.18
Natural Gas Futures NG May 2025 contracts, expiring April 2025		1,599,861	52		(8,141)	(0.04)
NYMEX Natural Gas Futures NG June 2025 contracts, expiring May 2025		1,651,394	52		8,966	0.04
NYMEX Natural Gas Futures NG July 2025 contracts, expiring June 2025		1,827,784	52		(93,584)	(0.46)
NYMEX August 2025 contracts, expiring July 2025		1,681,290	51		31,800	0.16
NYMEX Natural Gas Futures NG September 2025 contracts, expiring August 2025		1,666,842	51		35,028	0.17
NYMEX October 2025 contracts, expiring September 2025		1,687,416	52		86,824	0.43
Total Open Futures Contracts*	$	20,363,190	617	$	(175,600)	(0.87)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 5.22%^#		11,000,000	$	11,000,000	54.47
Total United States Money Market Funds			$	11,000,000	54.47


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	(1,015,723)	$	(3,109,119)	$	(6,448,604)	$	(15,041,408)
Change in unrealized gain (loss) on open commodity futures contracts		283,345		2,001,238		4,274,805		5,867,437
Dividend income		142,649		196,619		428,525		521,281
Interest income		91,753		28,321		260,841		69,038
ETF transaction fees		3,850		1,400		7,000		4,200
Total Income (Loss)	$	(494,126)	$	(881,541)	$	(1,477,433)	$	(8,579,452)

Expenses
General Partner management fees (Note 3)	$	27,453	$	33,277	$	88,901	$	93,738
Professional fees		75,713		49,173		194,355		108,611
Brokerage commissions		1,556		1,193		5,965		4,125
Directors’ fees and insurance		1,374		4,151		8,472		11,350
License fees		686		666		2,011		1,875
Total Expenses		106,782		88,460		299,704		219,699
Expense waiver (Note 3)	$	(4,772)	$	(48,528)	$	(80,982)	$	(107,213)
Net Expenses	$	102,010	$	39,932	$	218,722	$	112,486
Net Income (Loss)	$	(596,136)	$	(921,473)	$	(1,696,155)	$	(8,691,938)
Net Income (Loss) per limited partner share	$	(0.36)	$	(0.64)	$	(0.66)	$	(6.37)
Net Income (Loss) per weighted average limited partner share	$	(0.25)	$	(0.59)	$	(0.76)	$	(6.15)
Weighted average limited partner shares outstanding		2,417,935		1,569,565		2,246,533		1,412,271


	Limited Partners*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Balances at beginning of period	$	18,218,430	$	17,270,293	$	16,295,950	$	24,991,934
Addition of 550,000, 200,000, 2,150,000 and 650,000 partnership shares, respectively		4,127,230		2,243,256		17,612,720		7,702,010
Redemption of (200,000), (150,000), (1,500,000) and (550,000) partnership shares, respectively		(1,556,649)		(1,750,661)		(12,019,640)		(7,160,591)
Net income (loss)		(596,136)		(921,473)		(1,696,155)		(8,691,938)

Balances at end of period	$	20,192,875	$	16,841,415	$	20,192,875	$	16,841,415


At September 30, 2024	Total		Level I		Level II		Level III
Short-Term Investments	$	11,000,000	$	11,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts	$	(175,600)	$	(175,600)	$	—	$	—


At December 31, 2023	Total		Level I		Level II		Level III
Short-Term Investments	$	11,000,000	$	11,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(4,450,405)		(4,450,405)		—		—


	Condensed
	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	September 30, 2024		December 31, 2023
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	(175,600)	$	(4,450,405)


	Three months			Three months
	ended			ended
	September 30, 2024			September 30, 2023
Average daily total net assets	$	18,200,470		$	17,603,663
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	234,402		$	224,940
Annualized yield based on average daily total net assets		5.12	%		5.07	%
Management fee	$	27,453		$	33,277
Total fees and other expenses excluding management fees	$	79,329		$	55,183
Total amount of the expense waiver	$	4,772		$	48,528
Expenses before the allowance of the expense waiver	$	106,782		$	88,460
Expenses after the allowance of the expense waiver	$	102,010		$	39,932
Total commissions accrued to brokers	$	1,556		$	1,193
Total commissions as annualized percentage of average total net assets		0.03	%		0.03	%


Correlation Matrix 10 Years	Large Cap US Equities (S&P 600)	US Gov't Bonds (BEUSG4 Index)	Global Equities (FTSE World Index)	Crude Oil	Heating Oil	Unleaded Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.112	0.979	0.348	0.204	0.449	0.110
US Gov't Bonds (BEUSG4 Index)		1.000	0.123	(0.266)	(0.407)	(0.203)	(0.175)
Global Equities (FTSE World Index)			1.000	0.398	0.249	0.495	0.073
Crude Oil				1.000	0.749	0.752	0.036
Heating Oil					1.000	0.644	0.080
Unleaded Gasoline						1.000	0.044
Natural Gas							1.000
Source: Bloomberg, NYMEX


	Total
	Number of	Average Price Per
Period	Shares Redeemed	Share
7/1/24 to 7/31/24	100,000	$	7.91
8/1/24 to 8/31/24	—	$	—
9/1/24 to 9/30/24	100,000	$	7.66
Total	200,000

Exhibit Number		Description of Document
31.1(1)		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2(1)		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1(1)		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.LAB		XBRL Taxonomy Extension Label Linkbase.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

By:	/s/ John P. Love
	John P. Love
	President and Chief Executive Officer
	(Principal executive officer)

By:	/s/ Stuart P. Crumbaugh
	Stuart P. Crumbaugh
	Chief Financial Officer
	(Principal financial and accounting officer)


Correlation Matrix 1 Year	Large Cap US Equities (S&P 500)	US Gov't Bonds (BEUSG4 Index)	Global Equities (FTSE World Index)	Crude Oil	Heating Oil	Unleaded Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.760	0.984	(0.179)	(0.219)	0.294	(0.355)
US Gov't Bonds (BEUSG4 Index)		1.000	0.817	(0.399)	(0.284)	0.032	(0.317)
Global Equities (FTSE World Index)			1.000	(0.217)	(0.265)	0.262	(0.410)
Crude Oil				1.000	0.841	0.560	(0.352)
Heating Oil					1.000	0.263	(0.255)
Unleaded Gasoline						1.000	(0.541)
Natural Gas							1.000
Source: Bloomberg, NYMEX


Date: November 8, 2024

	By	/s/ John P. Love
	Name:	John P. Love
	Title:	President and Chief Executive Officer
		United States Commodity Funds LLC,
		General Partner of United States 12 Month Natural Gas Fund, LP