United States Brent Oil Fund, LP Files 10-Q for Period Ending March 31, 2024
Ticker: BNO · Form: 10-Q · Filed: May 9, 2024 · CIK: 1472494
Sentiment: neutral
Topics: BNO, 10-Q, Brent Oil, Futures Contracts, Commodities
TL;DR
<b>United States Brent Oil Fund, LP filed its Q1 2024 10-Q, detailing its investments in Brent Crude futures and related financial instruments.</b>
AI Summary
United States Brent Oil Fund, LP (BNO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The fund's primary investment is in ICE Brent Crude futures contracts. The fund holds Morgan Stanley Institutional Liquidity Funds Government Portfolio Institutional Shares. The filing details open commodity futures contracts, including ICE Brent Crude futures expiring in June 2024. The fund's address is 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596.
Why It Matters
For investors and stakeholders tracking United States Brent Oil Fund, LP, this filing contains several important signals. This filing provides investors with the latest financial performance and holdings of the BNO fund, crucial for understanding its exposure to Brent crude oil prices. The detailed breakdown of commodity contracts and money market funds offers insight into the fund's asset allocation and risk management strategies.
Risk Assessment
Risk Level: low — United States Brent Oil Fund, LP shows low risk based on this filing. The filing is a standard 10-Q for an oil futures ETF, with no immediate red flags or significant deviations from typical reporting, indicating a low level of immediate risk.
Analyst Insight
Investors should review the specific commodity futures contracts and their expiration dates to assess the fund's exposure to potential price volatility in Brent crude oil.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
- 2024-01-01 — Reporting Period Start Date (Commodity Contract Activity)
- 2023-01-01 — Prior Year Period Start Date (Commodity Contract Activity)
Key Players & Entities
- United States Brent Oil Fund, LP (company) — Filer
- BNO (company) — Ticker Symbol
- 2024-03-31 (date) — Conformed Period of Report
- 2024-05-09 (date) — Filed as of date
- ICE Brent Crude futures (company) — Primary Investment
- Morgan Stanley Institutional Liquidity Funds (company) — Money Market Funds
FAQ
When did United States Brent Oil Fund, LP file this 10-Q?
United States Brent Oil Fund, LP filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by United States Brent Oil Fund, LP (BNO).
Where can I read the original 10-Q filing from United States Brent Oil 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 Brent Oil Fund, LP.
What are the key takeaways from United States Brent Oil Fund, LP's 10-Q?
United States Brent Oil Fund, LP filed this 10-Q on May 9, 2024. Key takeaways: The filing covers the period from January 1, 2024, to March 31, 2024.. The fund's primary investment is in ICE Brent Crude futures contracts.. The fund holds Morgan Stanley Institutional Liquidity Funds Government Portfolio Institutional Shares..
Is United States Brent Oil Fund, LP a risky investment based on this filing?
Based on this 10-Q, United States Brent Oil Fund, LP presents a relatively low-risk profile. The filing is a standard 10-Q for an oil futures ETF, with no immediate red flags or significant deviations from typical reporting, indicating a low level of immediate risk.
What should investors do after reading United States Brent Oil Fund, LP's 10-Q?
Investors should review the specific commodity futures contracts and their expiration dates to assess the fund's exposure to potential price volatility in Brent crude oil. The overall sentiment from this filing is neutral.
Risk Factors
- Market Risk [high — market]: The value of the Fund's investments in Brent Crude oil futures contracts is subject to significant volatility due to fluctuations in global oil prices.
- Counterparty Risk [medium — financial]: The Fund is exposed to the risk that counterparties to its commodity futures contracts may default on their obligations.
- Operational Risks [medium — operational]: The Fund is subject to operational risks, including system failures, human error, and inadequate controls, which could adversely affect its ability to operate.
Key Dates
- 2024-03-31: Quarterly Period 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.
Glossary
- Commodity Contract
- A contract that gives the owner the right, but not the obligation, to buy or sell a specified amount of a commodity at a specified price on or before a specified date. (Central to the fund's investment strategy, directly impacting its value based on oil price movements.)
- Open Position
- A futures contract that has not yet been closed out or expired. (Represents the fund's current exposure to the underlying commodity, influencing potential gains or losses.)
Filing Stats: 4,630 words · 19 min read · ~15 pages · Grade level 13.3 · Accepted 2024-05-09 16:27:22
Filing Documents
- bno-20240331x10q.htm (10-Q) — 933KB
- bno-20240331xex31d1.htm (EX-31.1) — 14KB
- bno-20240331xex31d2.htm (EX-31.2) — 14KB
- bno-20240331xex32d1.htm (EX-32.1) — 7KB
- bno-20240331xex32d2.htm (EX-32.2) — 7KB
- bno-20240331x10q009.jpg (GRAPHIC) — 52KB
- bno-20240331x10q010.jpg (GRAPHIC) — 51KB
- bno-20240331x10q011.jpg (GRAPHIC) — 62KB
- bno-20240331x10q012.jpg (GRAPHIC) — 62KB
- 0001410578-24-000706.txt ( ) — 4258KB
- bno-20240331.xsd (EX-101.SCH) — 37KB
- bno-20240331_cal.xml (EX-101.CAL) — 23KB
- bno-20240331_def.xml (EX-101.DEF) — 97KB
- bno-20240331_lab.xml (EX-101.LAB) — 241KB
- bno-20240331_pre.xml (EX-101.PRE) — 168KB
- bno-20240331x10q_htm.xml (XML) — 510KB
FINANCIAL INFORMATION
Part I. FINANCIAL INFORMATION
Condensed Financial Statements
Item 1. Condensed Financial Statements. 1
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 . 17
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 35
Controls and Procedures
Item 4. Controls and Procedures. 37
OTHER INFORMATION
Part II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 38
Risk Factors
Item 1A. Risk Factors. 41
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 41
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 41
Other Information
Item 5. Other Information. 42
Exhibits
Item 6. Exhibits. 43 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 2 Condensed Schedules of Investments at March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three months ended March 31, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Financial Statements (Unaudited) for the period ended March 31, 2024 8 1 Table of Contents United States Brent Oil 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 $ 93,380,409 and $ 78,711,966 , respectively) (Notes 2 and 5) $ 93,380,409 $ 78,711,966 Equity in trading accounts: Cash and cash equivalents (at cost $ 38,270,101 and $ 52,224,445 , respectively) 38,270,101 52,224,445 Unrealized gain (loss) on open commodity futures contracts 2,169,640 ( 1,181,530 ) Dividends receivable 253,301 368,631 Interest receivable 313,567 219,592 Prepaid insurance 27,070 10,579 Total Assets $ 134,414,088 $ 130,353,683 Liabilities and Partners' Capital General Partner management fees payable (Note 3) 83,354 88,365 Professional fees payable 108,988 179,686 Brokerage commissions payable 163 163 Directors' fees payable 3,137 3,092 Total Liabilities 195,642 271,306 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 134,218,446 130,082,377 Total Partners' Capital 134,218,446 130,082,377 Total Liabilities and Partners' Capital $ 134,414,088 $ 130,353,683 Limited