United States 12 Month Natural Gas Fund, LP Files 10-K for Fiscal Year Ended December 31, 2023
Ticker: UNL · Form: 10-K · Filed: Mar 8, 2024 · CIK: 1405513
Sentiment: neutral
Topics: 10-K, Natural Gas, Futures Contracts, Commodities, SEC Filing
TL;DR
<b>United States 12 Month Natural Gas Fund, LP filed its 2023 10-K, detailing its operations and financial standing related to natural gas futures contracts.</b>
AI Summary
United States 12 Month Natural Gas Fund, LP (UNL) filed a Annual Report (10-K) with the SEC on March 8, 2024. The filing is a 10-K annual report for United States 12 Month Natural Gas Fund, LP for the fiscal year ending December 31, 2023. The company's business address is located at 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596. The filing references various accounting standards including those related to General Partner Members, Limited Partners, Commodity Contracts, and Futures. Key dates mentioned include the fiscal year end of December 31, 2023, and the filing date of March 8, 2024. The fund is associated with commodity contracts, specifically natural gas futures, with references to NYMEX Natural Gas Futures contracts expiring in August and September 2024.
Why It Matters
For investors and stakeholders tracking United States 12 Month Natural Gas Fund, LP, this filing contains several important signals. This 10-K provides investors with a comprehensive overview of the fund's performance, strategies, and risks associated with its investments in natural gas futures for the 2023 fiscal year. Understanding the fund's structure, its holdings in commodity contracts, and its financial position is crucial for investors evaluating its suitability and potential returns in the volatile natural gas market.
Risk Assessment
Risk Level: low — United States 12 Month Natural Gas Fund, LP shows low risk based on this filing. The filing is a standard 10-K report with no immediate red flags indicating high risk, but the nature of commodity futures trading inherently carries market risk.
Analyst Insight
Investors should review the detailed risk factors and financial statements within the 10-K to assess the fund's exposure to natural gas price volatility and its investment strategy.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-03-08 — Filing Date (Date the 10-K was filed)
- 001-34535 — SEC File Number (SEC file number for the company)
Key Players & Entities
- United States 12 Month Natural Gas Fund, LP (company) — Filer of the 10-K report
- 2023-12-31 (date) — Conformed period of report
- 2024-03-08 (date) — Filed as of date
- Walnut Creek, CA (location) — Business and mail address city and state
- NYMEX (company) — Exchange for natural gas futures contracts
FAQ
When did United States 12 Month Natural Gas Fund, LP file this 10-K?
United States 12 Month Natural Gas Fund, LP filed this Annual Report (10-K) with the SEC on March 8, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by United States 12 Month Natural Gas Fund, LP (UNL).
Where can I read the original 10-K filing from United States 12 Month Natural Gas Fund, LP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by United States 12 Month Natural Gas Fund, LP.
What are the key takeaways from United States 12 Month Natural Gas Fund, LP's 10-K?
United States 12 Month Natural Gas Fund, LP filed this 10-K on March 8, 2024. Key takeaways: The filing is a 10-K annual report for United States 12 Month Natural Gas Fund, LP for the fiscal year ending December 31, 2023.. The company's business address is located at 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596.. The filing references various accounting standards including those related to General Partner Members, Limited Partners, Commodity Contracts, and Futures..
Is United States 12 Month Natural Gas Fund, LP a risky investment based on this filing?
Based on this 10-K, United States 12 Month Natural Gas Fund, LP presents a relatively low-risk profile. The filing is a standard 10-K report with no immediate red flags indicating high risk, but the nature of commodity futures trading inherently carries market risk.
What should investors do after reading United States 12 Month Natural Gas Fund, LP's 10-K?
Investors should review the detailed risk factors and financial statements within the 10-K to assess the fund's exposure to natural gas price volatility and its investment strategy. The overall sentiment from this filing is neutral.
Risk Factors
- Market Risk [high — market]: The fund's investments are subject to significant volatility and fluctuations in the price of natural gas and natural gas futures contracts.
- Investment Strategy Risk [medium — financial]: The fund's strategy of investing in natural gas futures contracts may not be successful and could lead to losses.
- Counterparty Risk [medium — operational]: The fund is exposed to the risk that counterparties to its commodity contracts may default on their obligations.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.
- 2009-11-18: Fund Inception — Indicates the establishment date of the United States 12 Month Natural Gas Fund, LP.
Glossary
- 10-K
- An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides investors with detailed financial and operational information about the fund for the fiscal year.)
Filing Stats: 4,751 words · 19 min read · ~16 pages · Grade level 12.4 · Accepted 2024-03-08 12:05:43
Filing Documents
- unl-20231231x10k.htm (10-K) — 1911KB
- unl-20231231xex23d1.htm (EX-23.1) — 2KB
- unl-20231231xex31d1.htm (EX-31.1) — 13KB
- unl-20231231xex31d2.htm (EX-31.2) — 13KB
- unl-20231231xex32d1.htm (EX-32.1) — 7KB
- unl-20231231xex32d2.htm (EX-32.2) — 7KB
- unl-20231231xex97d1.htm (EX-97.1) — 28KB
- unl-20231231x10k009.jpg (GRAPHIC) — 60KB
- unl-20231231x10k010.jpg (GRAPHIC) — 55KB
- unl-20231231x10k011.jpg (GRAPHIC) — 77KB
- unl-20231231x10k012.jpg (GRAPHIC) — 69KB
- unl-20231231x10k013.jpg (GRAPHIC) — 2KB
- unl-20231231x10k014.jpg (GRAPHIC) — 3KB
- 0001410578-24-000158.txt ( ) — 6352KB
- unl-20231231.xsd (EX-101.SCH) — 46KB
- unl-20231231_cal.xml (EX-101.CAL) — 23KB
- unl-20231231_def.xml (EX-101.DEF) — 104KB
- unl-20231231_lab.xml (EX-101.LAB) — 259KB
- unl-20231231_pre.xml (EX-101.PRE) — 205KB
- unl-20231231x10k_htm.xml (XML) — 843KB
Business
Item 1. Business. 2
Risk Factors
Item 1A. Risk Factors. 31
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments. 49
Cybersecurity
Item 1C. Cybersecurity. 49
Properties
Item 2. Properties. 49
Legal Proceedings
Item 3. Legal Proceedings. 49
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 52 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 52
[Reserved]
Item 6. [Reserved]. 53
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 53
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 71
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data. 73
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 96
Controls and Procedures
Item 9A. Controls and Procedures. 96
Other Information
Item 9B. Other Information. 96
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 96 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance. 97
Executive Compensation
Item 11. Executive Compensation. 102
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 103
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence. 103
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services. 103 Part IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules. 104
Form 10-K Summary
Item 16. Form 10-K Summary. 105 Exhibit Index. 104 Signatures. 106 Table of Contents Part I
Business
Item 1. Business What is UNL? The United States 12 Month Natural Gas Fund, LP ("UNL") is a Delaware limited partnership organized on June 27, 2007. UNL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNL's shares began trading on November 18, 2009. UNL is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the "LP Agreement"), which grants full management control to its general partner, United States Commodity Funds LLC ("USCF"). The investment objective of UNL is for the daily changes in percentage terms of its shares' per share net asset value ("NAV") to reflect the daily changes in percentage terms of the price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices of specified short-term futures contracts on natural gas called the "Benchmark Futures Contracts", plus interest earned on UNL's collateral holdings, less UNL's expenses. UNL seeks to achieve its investment objective by investing so that the average daily percentage change in UNL's NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contracts over the same period. Additionally, UNL seeks to achieve its investment objective by investing primarily in futures contracts for natural gas that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. (together, "ICE Futures"), or other U.S. and foreign exchanges (collectively, "Futures Contracts") and, to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures, liquidity requirements, or in view of market conditions, other natural gas - related invest