United States 12 Month Natural Gas Fund, LP 10-Q for FY2026 Q2

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

10-Q 2026-08-07 For: 2026-06-30

Added on August 07, 2026

About this 10-Q

United States 12 Month Natural Gas Fund, LP filed this 10-Q on August 7, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: -$1.02M; compared with -$2.33M a year earlier
Net loss: $1.11M; compared with a net loss of $2.38M 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. 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.	42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	42

Item 3. Defaults Upon Senior Securities.	43

Item 4. Mine Safety Disclosures.	43

Item 5. Other Information.	43

Item 6. Exhibits.	44

Documents		Page

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025		4

Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025		5

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025		7

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025		8

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025		9

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026		10


	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents (at cost $15,662,870 and $18,161,325, respectively) (Notes 2 and 5)	$	15,662,870	$	18,161,325	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $3,293,620 and $2,660,560, respectively)		3,293,620		2,660,560
Unrealized gain (loss) on open commodity futures contracts		(1,598,890)		(2,070,955)
Dividends receivable		43,057		25,402
Interest receivable		8,650		35,828
Prepaid insurance		4,562		2,971

Total Assets	$	17,413,869	$	18,815,131

Liabilities and Partners’ Capital
General Partner management fees payable (Note 3)	$	9,180	$	10,467
Professional fees payable		64,304		90,662
Directors’ fees payable		320		578
License fees payable		4,139		2,895

Total Liabilities		77,943		104,602

Commitments and Contingencies (Notes 3, 4 & 5)

Partners’ Capital
General Partners		—		—
Limited Partners		17,335,926		18,710,529
Total Partners’ Capital		17,335,926		18,710,529

Total Liabilities and Partners’ Capital	$	17,413,869	$	18,815,131

Limited Partners’ shares outstanding		2,700,000		2,550,000
Net asset value per share	$	6.42	$	7.34
Market value per share	$	6.39	$	7.38


				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 August 2026 contracts, expiring July 2026	$	1,613,035	42	$	(237,535)	(1.37)
NYMEX Natural Gas Futures NG September 2026 contracts, expiring August 2026		1,557,190	42		(215,710)	(1.25)
NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026		1,594,353	42		(244,893)	(1.41)
NYMEX Natural Gas Futures NG November 2026 contracts, expiring October 2026		1,715,448	43		(256,458)	(1.48)
NYMEX Natural Gas Futures NG December 2026 contracts, expiring November 2026		1,964,512	43		(253,112)	(1.46)
NYMEX Natural Gas Futures NG January 2027 contracts, expiring December 2026		2,002,460	43		(114,330)	(0.66)
NYMEX Natural Gas Futures NG February 2027 contracts, expiring January 2027		1,732,487	43		(30,117)	(0.17)
NYMEX Natural Gas Futures NG March 2027 contracts, expiring February 2027		1,491,585	43		(134,935)	(0.78)
NYMEX Natural Gas Futures NG April 2027 contracts, expiring March 2027		1,331,670	42		(96,030)	(0.55)
NYMEX Natural Gas Futures NG May 2027 contracts, expiring April 2027		1,221,803	42		3,337	0.02
NYMEX Natural Gas Futures NG, June 2027 contracts, expiring May 2027		1,283,406	42		(4,086)	(0.02)
NYMEX Natural Gas Futures NG, July 2027 contracts, expiring June 2027		1,414,671	43		(15,021)	(0.09)
Total Open Futures Contracts*	$	18,922,620	510	$	(1,598,890)	(9.22)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#		10,025,000		10,025,000	57.83
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.56%^#		4,500,000		4,500,000	25.96
Total United States Money Market Funds			$	14,525,000	83.79


							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 February 2026 contracts, expiring January 2026		$	1,835,107		42		$	(286,987)		(1.53)
NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026			1,610,383		41			(327,083)		(1.75)
NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026			1,561,923		41			(269,193)		(1.44)
NYMEX Natural Gas Futures NG May 2026 contracts, expiring April 2026			1,533,443		42			(176,843)		(0.94)
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026			1,663,192		42			(222,172)		(1.19)
NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026			1,729,960		42			(188,140)		(1.01)
NYMEX Natural Gas Futures NG August 2026 contracts, expiring July 2026			1,755,677		42			(184,457)		(0.99)
NYMEX Natural Gas Futures NG September 2026 contracts, expiring August 2026			1,647,788		42			(87,488)		(0.47)
NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026			1,672,394		42			(92,774)		(0.50)
NYMEX Natural Gas Futures NG November 2026 contracts, expiring October 2026			1,767,480		42			(90,840)		(0.49)
NYMEX Natural Gas Futures NG December 2026 contracts, expiring November 2026			2,017,308		42			(144,528)		(0.77)
NYMEX Natural Gas Futures NG January 2027 contracts, expiring December 2026			1,975,290		42			(450)		0.00	^†
Total Open Futures Contracts		$	20,769,945		502		$	(2,070,955)		(11.08)


		Three months ended			Three months ended			Six months ended			Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$	(1,202,415)		$	486,028		$	(2,383,884)		$	2,313,774
Change in unrealized gain (loss) on open commodity futures contracts			33,935			(2,953,638)			472,065			(724,744)
Dividend income			117,640			70,583			200,286			180,561
Interest income			26,505			63,119			91,099			137,647
ETF transaction fees			2,100			2,100			3,850			4,900
Total Income (Loss)		$	(1,022,235)		$	(2,331,808)		$	(1,616,584)		$	1,912,138

Expenses
General Partner management fees (Note 3)		$	24,602		$	19,123		$	49,754		$	45,226
Professional fees			54,329			28,995			88,997			57,268
Brokerage commissions			1,396			922			2,747			2,279
Directors’ fees and insurance			2,104			516			6,104			1,669
License fees			615			2,030			1,244			4,216
Total Expenses		$	83,046		$	51,586		$	148,846		$	110,658
Net Income (Loss)		$	(1,105,281)		$	(2,383,394)		$	(1,765,430)		$	1,801,480
Net Income (Loss) per limited partner share		$	(0.48)		$	(1.53)		$	(0.92)		$	0.61
Net Income (Loss) per weighted average limited partner share		$	(0.44)		$	(1.71)		$	(0.72)		$	1.09
Weighted average limited partner shares outstanding			2,535,165			1,394,444			2,443,094			1,647,238


	Limited Partners*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Balances at beginning of period	$	15,524,903	$	16,419,269	$	18,710,529	$	18,672,121
Addition of 650,000, 150,000, 900,000 and 200,000 partnership shares, respectively		4,212,976		1,319,161		5,938,530		1,830,265
Redemption of (200,000), (350,000), (750,000) and (1,100,000) partnership shares, respectively		(1,296,672)		(3,130,870)		(5,547,703)		(10,079,700)
Net income (loss)		(1,105,281)		(2,383,394)		(1,765,430)		1,801,480

Balances at end of period	$	17,335,926	$	12,224,166	$	17,335,926	$	12,224,166


At June 30, 2026	Total		Level I		Level II		Level III
Short-Term Investments	$	14,525,000	$	14,525,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,598,890)		(1,598,890)		—		—


At December 31, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	8,000,000	$	8,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(2,070,955)		(2,070,955)		—		—


	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	June 30, 2026		December 31, 2025
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	(1,598,890)	$	(2,070,955)


Natural Gas - 10 Years
	Large Cap US	US Gov’t Bonds	Global Equities			Unleaded
Correlation Matrix 10 Years	Equities (S&P 500)	(BEUSG4 Index)	(FTSE World Index)	Crude Oil	Heating Oil	Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.186	0.976	0.269	0.091	0.300	0.108
US Gov’t Bonds (BEUSG4 Index)		1.000	0.222	(0.264)	(0.388)	(0.180)	(0.156)
Global Equities (FTSE World Index)			1.000	0.277	0.095	0.303	0.049
Crude Oil				1.000	0.786	0.782	(0.016)
Heating Oil					1.000	0.684	0.047
Unleaded Gasoline						1.000	(0.032)
Natural Gas							1.000
Source: Bloomberg, NYMEX


	Six months ended		Six months ended
	June 30, 2026		June 30, 2025
Cash Flows from Operating Activities:
Net income (loss)	$	(1,765,430)	$	1,801,480
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts		(472,065)		724,744
(Increase) decrease in dividends receivable		(17,655)		17,735
(Increase) decrease in interest receivable		27,178		8,372
(Increase) decrease in prepaid insurance		(1,591)		(6,966)
Increase (decrease) in payable due to Broker		—		(230,776)
Increase (decrease) in General Partner management fees payable		(1,287)		(3,137)
Increase (decrease) in professional fees payable		(26,358)		(62,758)
Increase (decrease) in directors’ fees payable		(258)		(39)
Increase (decrease) in license fees payable		1,244		1,131
Net cash provided by (used in) operating activities		(2,256,222)		2,249,786

Cash Flows from Financing Activities:
Addition of partnership shares		5,938,530		1,830,265
Redemption of partnership shares		(5,547,703)		(10,079,700)
Net cash provided by (used in) financing activities		390,827		(8,249,435)

Net Increase (Decrease) in Cash and Cash Equivalents		(1,865,395)		(5,999,649)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		20,821,885		17,860,450
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	18,956,490	$	11,860,801

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents	$	15,662,870	$	11,757,207
Equity in Trading Accounts:
Cash and cash equivalents		3,293,620		103,594
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	18,956,490	$	11,860,801


	Six months ended			Six months ended
	June 30, 2026			June 30, 2025
Average daily total net assets	$	16,734,690		$	15,199,400
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	291,385		$	318,208
Annualized yield based on average daily total net assets		3.51	%		4.22	%
Management fee	$	49,754		$	45,226
Total fees and other expenses excluding management fees	$	99,092		$	65,432
Total commissions accrued to brokers	$	2,747		$	2,279
Total commissions as annualized percentage of average total net assets		0.03	%		0.03	%


	Three months ended			Three months ended
	June 30, 2026			June 30, 2025
Average daily total net assets	$	16,471,252		$	12,782,273
Dividend and interest income earned on Treasuries, cash and/or cash equivalents	$	144,145		$	133,702
Annualized yield based on average daily total net assets		3.51	%		4.20	%
Management fee	$	24,602		$	19,123
Total fees and other expenses excluding management fees	$	58,444		$	32,463
Total commissions accrued to brokers	$	1,396		$	922
Total commissions as annualized percentage of average total net assets		0.03	%		0.03	%


		Total
		Number of		Average Price Per
Period		Shares Redeemed		Share
4/1/26 to 4/30/26		—		$	—
5/1/26 to 5/31/26		100,000		$	6.54
6/1/26 to 6/30/26		100,000		$	6.43
Total		200,000


Natural Gas - 1 Year
	Large Cap US	US Gov’t Bonds	Global Equities			Unleaded
Correlation Matrix 1 Year	Equities (S&P 500)	(BEUSG4 Index)	(FTSE World Index)	Crude Oil	Heating Oil	Gasoline	Natural Gas
Large Cap US Equities (S&P 500)	1.000	0.237	0.956	(0.393)	(0.415)	(0.414)	0.189
US Gov’t Bonds (BEUSG4 Index)		1.000	0.388	(0.556)	(0.536)	(0.542)	(0.170)
Global Equities (FTSE World Index)			1.000	(0.511)	(0.531)	(0.531)	0.085
Crude Oil				1.000	0.925	0.925	(0.084)
Heating Oil					1.000	0.882	0.151
Unleaded Gasoline						1.000	(0.106)
Natural Gas							1.000
Source: Bloomberg, NYMEX

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)

Date: August 7, 2026	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

August 7, 2026	By	/s/ Stuart P. Crumbaugh
	Name:	Stuart P. Crumbaugh
	Title:	Chief Financial Officer
		United States Commodity Funds LLC,
		General Partner of United States 12 Month Natural Gas Fund, LP