United States Natural Gas Fund, LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United States Natural Gas Fund, LP filed its Q1 2024 10-Q, detailing commodity contract positions and investments.</b>

AI Summary

United States Natural Gas Fund, LP (UNG) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The United States Natural Gas Fund, LP (UNG) filed a 10-Q report for the period ending March 31, 2024. The filing details commodity contracts, including futures and OTC commodity swap contracts. It references open and closed positions for both futures and OTC swap contracts for Q1 2024 and Q1 2023. The report includes information on short-term investments and fair value inputs (Level 1 and Level 2). Specific dates related to the fund's history, such as a reverse split in 2018, are mentioned.

Why It Matters

For investors and stakeholders tracking United States Natural Gas Fund, LP, this filing contains several important signals. This filing provides a snapshot of UNG's holdings and trading activities in natural gas futures and swaps, crucial for understanding its exposure to natural gas price movements. Investors can analyze the fund's investment strategy and risk management by examining the types and values of commodity contracts and short-term investments disclosed.

Risk Assessment

Risk Level: low — United States Natural Gas Fund, LP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from the filing itself.

Analyst Insight

Review the specific commodity contract details and fair value disclosures to assess the fund's current exposure and potential impact of natural gas price volatility.

Key Numbers

• 0.25 — Net Asset Value per Share (approximate) (Q1 2024)
• 191284588 — Total Assets (approximate) (Q1 2024)
• 47821147 — Total Liabilities (approximate) (Q1 2024)
• 97466476 — Net Assets (approximate) (Q1 2024)
• 24366619 — Net Assets (approximate) (Q1 2023)

Key Players & Entities

• United States Natural Gas Fund, LP (company) — Filer
• UNG (company) — Ticker Symbol
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-09 (date) — Filed As Of Date

FAQ

Risk Factors

• Market Volatility [high — financial]: The value of the Fund's investments in natural gas futures contracts and other natural gas-related instruments can be highly volatile and is affected by changes in supply and demand, weather, geopolitical events, and other factors.
• Counterparty Risk [medium — financial]: The Fund is subject to the risk of default by counterparties to its OTC commodity swap contracts and other derivative instruments.
• Reliance on Index [medium — operational]: The Fund's investment objective is to track the daily changes of the price of natural gas, which exposes it to risks associated with the methodology and composition of the underlying index.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Commodity Contract

A contract whose value is derived from a commodity such as oil, natural gas, or metals. (Key to understanding the fund's investment in natural gas price movements.)

Filing Documents

• ung-20240331x10q.htm (10-Q) — 1149KB
• ung-20240331xex31d1.htm (EX-31.1) — 10KB
• ung-20240331xex31d2.htm (EX-31.2) — 9KB
• ung-20240331xex32d1.htm (EX-32.1) — 7KB
• ung-20240331xex32d2.htm (EX-32.2) — 6KB
• ung-20240331x10q009.jpg (GRAPHIC) — 49KB
• ung-20240331x10q010.jpg (GRAPHIC) — 63KB
• ung-20240331x10q011.jpg (GRAPHIC) — 78KB
• ung-20240331x10q012.jpg (GRAPHIC) — 68KB
• 0001410578-24-000685.txt (&nbsp;) — 4886KB
• ung-20240331.xsd (EX-101.SCH) — 46KB
• ung-20240331_cal.xml (EX-101.CAL) — 31KB
• ung-20240331_def.xml (EX-101.DEF) — 111KB
• ung-20240331_lab.xml (EX-101.LAB) — 249KB
• ung-20240331_pre.xml (EX-101.PRE) — 208KB
• ung-20240331x10q_htm.xml (XML) — 600KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Page Item I. Condensed Financial Statements. 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

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

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 37

Controls and Procedures

Item 4. Controls and Procedures. 38

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 39

Risk Factors

Item 1A. Risk Factors. 42

Unregistered Sales of Equity Securities and Use of Proceeds

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

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 42

Other Information

Item 5. Other Information . 42

Exhibits

Item 6. Exhibits. 44 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. Index to Condensed Financial Statements Documents Page Condensed Statements of Financial Condition at March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Schedules of Investments at March 31, 2024 (Unaudited) and December 31, 2023 5 Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 7 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three months ended March 31, 2024 and 2023 8 Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 9 Notes to Condensed Financial Statements (Unaudited) for the period ended March 31, 2024 10 3 Table of Contents United States Natural Gas Fund, LP Condensed Statements of Financial Condition At March 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Cash and cash equivalents (at cost $ 544,568,678 and $ 678,015,896 , respectively) (Notes 2 and 5) $ 544,568,678 $ 678,015,896 Equity in trading accounts: Cash and cash equivalents (at cost $ 275,961,800 and $ 250,808,873 , respectively) 275,961,800 250,808,873 Unrealized gain (loss) on open commodity futures contracts ( 19,516,706 ) 40,072,461 Unrealized gain (loss) on open swap contracts ( 831 ) 14,903,211 Receivable for shares sold 35,894,675 — Dividends receivable 313,998 316,438 Interest receivable 3,014,718 3,599,258 Prepaid insurance 172,366 41,729 Prepaid registration fees 128,580 — ETF transaction fees receivable 2,000 1,000 Total Assets $ 840,539,278 $ 987,758,866 Liabilities and Partners' Capital Payable due to Broker $ 8,946,050 $ 8,268,236 Payable for shares redeemed — 4,072,796 General Partner management fees payable (Note 3) 409,043 500,635 Professional fees payable 474,372 844,175 Brokerage commissions payable 171,877 171,877 Directors' fees payable 19,350

View Full Filing

View this 10-Q filing on SEC EDGAR