United States Brent Oil Fund LP Q2 2024 10-Q Filing
Ticker: BNO · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1472494
Sentiment: neutral
Topics: oil-futures, 10-q, commodity-fund
Related Tickers: BNO
TL;DR
**BNO Q2 10-Q OUT: Oil futures performance detailed, watch unrealized gains/losses.**
AI Summary
United States Brent Oil Fund, LP filed its 10-Q for the period ending June 30, 2024. The filing details the fund's financial performance and positions related to Brent crude oil futures contracts. Key financial data and operational details for the second quarter of 2024 are presented, including information on unrealized gains and losses on open commodity futures contracts.
Why It Matters
This filing provides investors with crucial financial updates on the United States Brent Oil Fund, LP, impacting decisions related to oil commodity investments.
Risk Assessment
Risk Level: medium — The fund's performance is directly tied to the volatile Brent crude oil market, exposing it to significant price fluctuations.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 2024-01-01 to 2024-06-30 — Q2 2024 Period (Covers the first six months of 2024 for which financial data is presented.)
Key Players & Entities
- United States Brent Oil Fund, LP (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 0001472494 (company) — Central Index Key for the filer
- UnitedStatesCommodityFundsLlcMember (company) — Related entity/manager
FAQ
What is the primary investment objective of the United States Brent Oil Fund, LP?
The filing implies the fund's objective is to track the price of Brent crude oil futures contracts, as indicated by the focus on commodity contracts and unrealized gains/losses.
What specific financial metrics are highlighted in the Q2 2024 10-Q?
The filing highlights metrics such as Unrealized Gain/Loss on Open Commodity Futures Contracts (Current and Noncurrent) and Gain/Loss on Sale of Investments.
Who is the manager or related entity of the United States Brent Oil Fund, LP?
The filing identifies 'UnitedStatesCommodityFundsLlcMember' (0001472494) as a related entity.
What is the fiscal year end for the United States Brent Oil Fund, LP?
The fiscal year end for the fund is December 31st.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 8, 2024.
Filing Stats: 4,624 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-08-08 16:29:21
Filing Documents
- bno-20240630x10q.htm (10-Q) — 1060KB
- bno-20240630xex31d1.htm (EX-31.1) — 13KB
- bno-20240630xex31d2.htm (EX-31.2) — 13KB
- bno-20240630xex32d1.htm (EX-32.1) — 7KB
- bno-20240630xex32d2.htm (EX-32.2) — 7KB
- bno-20240630x10q009.jpg (GRAPHIC) — 52KB
- bno-20240630x10q010.jpg (GRAPHIC) — 53KB
- bno-20240630x10q011.jpg (GRAPHIC) — 72KB
- bno-20240630x10q012.jpg (GRAPHIC) — 64KB
- 0001410578-24-001232.txt ( ) — 4608KB
- bno-20240630.xsd (EX-101.SCH) — 37KB
- bno-20240630_cal.xml (EX-101.CAL) — 22KB
- bno-20240630_def.xml (EX-101.DEF) — 99KB
- bno-20240630_lab.xml (EX-101.LAB) — 241KB
- bno-20240630_pre.xml (EX-101.PRE) — 169KB
- bno-20240630x10q_htm.xml (XML) — 591KB
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. 36
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. 40
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. 41
Exhibits
Item 6. Exhibits. 42 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 June 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Schedules of Investments at June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023 5 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three and six months ended June 30, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023 7 Notes to Condensed Financial Statements (Unaudited) for the period ended June 30, 2024 8 1 Table of Contents United States Brent Oil Fund, LP Condensed Statements of Financial Condition At June 30, 2024 (Unaudited) and December 31, 2023 June 30, 2024 December 31, 2023 Assets Cash and cash equivalents (at cost $ 91,575,982 and $ 78,711,966 , respectively) (Notes 2 and 5) $ 91,575,982 $ 78,711,966 Equity in trading accounts: Cash and cash equivalents (at cost $ 34,914,656 and $ 52,224,445 , respectively) 34,914,656 52,224,445 Unrealized gain (loss) on open commodity futures contracts 1,845,760 ( 1,181,530 ) Dividends receivable 239,001 368,631 Interest receivable 279,158 219,592 Prepaid insurance 19,673 10,579 Total Assets $ 128,874,230 $ 130,353,683 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 76,594 $ 88,365 Professional fees payable 100,697 179,686 Brokerage commissions payable 163 163 Directors' fees payable 3,216 3,092 Total Liabilities 180,670 271,306 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 128,693,560 130,082,377 Total Partners' Capital 128,693,560 130,082,377 Total Liabilities and Partners' Capital $ 128,874,230 $ 130,353,68