UNG 8-K
United States Natural Gas Fund, LP (UNG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 7.01. Regulation FD Disclosure.
On November 28, 2025, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended October 31, 2025, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the monthly account statement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant’s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED STATES NATURAL GAS FUND, LP | ||
| By: | United States Commodity Funds LLC, its general partner | |
| Date: November 28, 2025 | By: | /s/ Stuart P. Crumbaugh |
| Name: | Stuart P. Crumbaugh | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
United States Natural Gas Fund, LP
Monthly Account Statement
For the Month Ended October 31, 2025
| Statement of Income (Loss) | ||||
| Income | ||||
| Realized Trading Gain (Loss) on Commodity Futures | $ | (18,226,346 | ) | |
| Realized Gain (Loss) on Swap Contracts | 95,424 | |||
| Unrealized Gain (Loss) on Market Value of Commodity Futures | 40,609,324 | |||
| Unrealized gain (loss) on Fair Value of Swap Contracts | 2,635,693 | |||
| Dividend Income | 1,096,253 | |||
| Interest Income | 845,451 | |||
| ETF Transaction Fees | 27,000 | |||
| Total Income (Loss) | $ | 27,082,799 | ||
| Expenses | ||||
| General Partner Management Fees | $ | 310,424 | ||
| Professional Fees | 117,572 | |||
| Brokerage Commissions | 115,646 | |||
| Directors' Fees and insurance | 41,369 | |||
| License fees | 7,761 | |||
| Total Expenses | $ | 592,772 | ||
| Net Income (Loss) | $ | 26,490,027 | ||
| Statement of Changes in Net Asset Value | ||||
| Net Asset Value Beginning of Month 10/1/25 | $ | 624,479,114 | ||
| Additions (11,600,000 Shares) | 141,860,327 | |||
| Withdrawals ((10,900,000) Shares) | (143,553,464 | ) | ||
| Net Income (Loss) | 26,490,027 | |||
| Net Asset Value End of Month | $ | 649,276,004 | ||
| Net Asset Value Per Share (48,846,103 Shares) | $ | 13.29 | ||
To the Limited Partners of United States Natural Gas Fund, LP:
Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended October 31, 2025 is accurate and complete.
| /s/ Stuart P. Crumbaugh |
Stuart P. Crumbaugh
Chief Financial Officer
United States Commodity Funds LLC, General Partner of United States Natural Gas Fund, LP
United States Commodity Funds LLC
1850 Mt. Diablo Boulevard, Suite 640
Walnut Creek, CA 94596