United States 12 Month Natural Gas Fund, LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United States 12 Month Natural Gas Fund, LP filed its Q1 2024 10-Q, detailing its financial position and operations related to natural gas futures.</b>

AI Summary

United States 12 Month Natural Gas Fund, LP (UNL) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing is a 10-Q for the United States 12 Month Natural Gas Fund, LP, filed on May 9, 2024. The reporting period covers the quarter ending March 31, 2024. The company's business address is 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596. The fund's Central Index Key (CIK) is 0001405513. The filing references commodity contracts, specifically natural gas futures.

Why It Matters

For investors and stakeholders tracking United States 12 Month Natural Gas Fund, LP, this filing contains several important signals. This filing provides investors with an update on the fund's performance and holdings in natural gas commodity contracts for the first quarter of 2024. Understanding the fund's exposure to natural gas futures and its financial metrics is crucial for investors tracking energy commodity investments.

Risk Assessment

Risk Level: medium — United States 12 Month Natural Gas Fund, LP shows moderate risk based on this filing. The fund's performance is directly tied to the volatile natural gas market, and the filing details its holdings in commodity futures, which carry inherent price risk.

Analyst Insight

Investors should review the fund's specific holdings and market outlook for natural gas to assess potential investment opportunities and risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 0001405513 — Central Index Key (Filer's CIK)
• 10-Q — Form Type (SEC filing type)

Key Players & Entities

• United States 12 Month Natural Gas Fund, LP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• Walnut Creek, CA (location) — Business address city and state
• 0001405513 (company) — Central Index Key
• 10-Q (document_type) — Form type
• Natural Gas (commodity) — Primary commodity focus
• Commodity Contract (financial_instrument) — Type of financial instrument held

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The fund's performance is directly impacted by fluctuations in the price of natural gas, which can be highly volatile.
• Investment in Futures Contracts [high — financial]: The fund invests in natural gas futures contracts, which carry risks associated with leverage and potential for significant losses.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2009-11-18: Fund Inception — Date the United States 12 Month Natural Gas Fund, LP was established.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure by public companies. (Provides investors with an update on the company's financial performance and operations during the quarter.)

Filing Documents

• unl-20240331x10q.htm (10-Q) — 1068KB
• unl-20240331xex31d1.htm (EX-31.1) — 13KB
• unl-20240331xex31d2.htm (EX-31.2) — 13KB
• unl-20240331xex32d1.htm (EX-32.1) — 6KB
• unl-20240331xex32d2.htm (EX-32.2) — 6KB
• unl-20240331x10q009.jpg (GRAPHIC) — 54KB
• unl-20240331x10q010.jpg (GRAPHIC) — 56KB
• unl-20240331x10q011.jpg (GRAPHIC) — 76KB
• unl-20240331x10q012.jpg (GRAPHIC) — 69KB
• 0001410578-24-000693.txt (&nbsp;) — 4698KB
• unl-20240331.xsd (EX-101.SCH) — 43KB
• unl-20240331_cal.xml (EX-101.CAL) — 24KB
• unl-20240331_def.xml (EX-101.DEF) — 121KB
• unl-20240331_lab.xml (EX-101.LAB) — 243KB
• unl-20240331_pre.xml (EX-101.PRE) — 202KB
• unl-20240331x10q_htm.xml (XML) — 557KB

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. 39

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 40

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. 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 43

Other Information

Item 5. Other Information. 44

Exhibits

Item 6. Exhibits. 45 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 12 Month 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 $ 15,055,290 and $ 14,477,947 , respectively) (Notes 2 and 5) $ 15,055,290 $ 14,477,947 Equity in trading accounts: Cash and cash equivalents (at cost $ 3,957,549 and $ 6,113,231 , respectively) 3,957,549 6,113,231 Unrealized gain (loss) on open commodity futures contracts ( 1,984,757 ) ( 4,450,405 ) Receivable from General Partner (Note 3) 61,732 168,223 Dividends receivable 48,681 53,943 Interest receivable 22,616 18,055 Prepaid license fees 5,989 6,623 Prepaid insurance 3,067 2,121 Total Assets $ 17,170,167 $ 16,389,738 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 10,763 $ 10,902 Professional fees payable 55,604 79,649 Brokerage commissions payable 391 391 Directors' fees payable 2,822 2,846 Total Liabilities 69,580 93,788 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 17,100,587 16,295,950 Total Partners' Capital 17,100,587

View Full Filing

View this 10-Q filing on SEC EDGAR