United States 12 Month Oil Fund Files Q3 2024 10-Q
Ticker: USL · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1405528
Sentiment: neutral
Topics: 10-Q, oil-fund, commodity-contracts
TL;DR
**US 12 Month Oil Fund 10-Q filed. Shows assets & commodity contracts. Marketing deal ongoing.**
AI Summary
United States 12 Month Oil Fund, LP filed its 10-Q for the period ending September 30, 2024. The filing details the fund's financial position, including its total assets and commodity contracts. It also references a marketing agreement that began on October 1, 2022, and covers the period up to September 30, 2024.
Why It Matters
This filing provides investors with an update on the financial health and holdings of the United States 12 Month Oil Fund, LP, crucial for understanding its performance and strategy in the oil market.
Risk Assessment
Risk Level: medium — The fund's exposure to commodity contracts and market fluctuations inherent in the oil sector presents a medium level of risk.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
- 2023-12-31 — Previous Year End Date (Provides a comparison point for financial performance.)
- 2007-12-06 — Fund Inception Date (Marks the beginning of the fund's operational history.)
Key Players & Entities
- United States 12 Month Oil Fund, LP (company) — Filer of the 10-Q
- September 30, 2024 (date) — End of reporting period
- October 1, 2022 (date) — Start date of marketing agreement
FAQ
What were the total assets of the United States 12 Month Oil Fund, LP as of September 30, 2024?
The filing indicates the total assets for the period ending September 30, 2024, but the specific dollar amount is not provided in this header data.
What is the nature of the commodity contracts held by the fund?
The filing specifies 'CommodityContract' and 'Future' as types of contracts held by the fund.
When did the marketing agreement mentioned in the filing commence?
The marketing agreement commenced on October 1, 2022.
What is the fiscal year end for the United States 12 Month Oil Fund, LP?
The fiscal year end for the fund is December 31.
What is the SEC file number for this 10-Q filing?
The SEC file number for this filing is 001-33859.
Filing Stats: 4,626 words · 19 min read · ~15 pages · Grade level 12.9 · Accepted 2024-11-08 12:43:12
Filing Documents
- usl-20240930x10q.htm (10-Q) — 1175KB
- usl-20240930xex31d1.htm (EX-31.1) — 13KB
- usl-20240930xex31d2.htm (EX-31.2) — 13KB
- usl-20240930xex32d1.htm (EX-32.1) — 8KB
- usl-20240930xex32d2.htm (EX-32.2) — 7KB
- usl-20240930x10q009.jpg (GRAPHIC) — 57KB
- usl-20240930x10q010.jpg (GRAPHIC) — 54KB
- usl-20240930x10q011.jpg (GRAPHIC) — 66KB
- usl-20240930x10q012.jpg (GRAPHIC) — 52KB
- 0001410578-24-001823.txt ( ) — 4816KB
- usl-20240930.xsd (EX-101.SCH) — 42KB
- usl-20240930_cal.xml (EX-101.CAL) — 26KB
- usl-20240930_def.xml (EX-101.DEF) — 96KB
- usl-20240930_lab.xml (EX-101.LAB) — 235KB
- usl-20240930_pre.xml (EX-101.PRE) — 185KB
- usl-20240930x10q_htm.xml (XML) — 624KB
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. 37
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. 40
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 40
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 40
Other Information
Item 5. Other Information. 40
Exhibits
Item 6. Exhibits. 41 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 September 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Schedules of Investments (Unaudited) at September 30, 2024 and December 31, 2023 3 Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 5 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three and nine months ended September 30, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 7 Notes to Condensed Financial Statements (Unaudited) for the period ended September 30, 2024 8 1 Table of Contents United States 12 Month Oil Fund, LP Condensed Statements of Financial Condition At September 30, 2024 (Unaudited) and December 31, 2023 September 30, 2024 December 31, 2023 Assets Cash and cash equivalents (at cost $ 36,915,146 and $ 23,541,880 , respectively) (Notes 2 and 5) $ 36,915,146 $ 23,541,880 Equity in trading accounts: Cash and cash equivalents (at cost $ 20,767,048 and $ 45,391,063 , respectively) 20,767,048 45,391,063 Unrealized gain (loss) on open commodity futures contracts ( 3,861,432 ) ( 2,062,789 ) Dividends receivable 81,283 102,433 Interest receivable 134,236 187,110 Prepaid license fees — 551 Prepaid insurance 5,378 2,240 Total Assets $ 54,041,659 $ 67,162,488 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 26,611 $ 35,672 Professional fees payable 123,099 175,934 Brokerage commissions payable 12,602 12,602 Directors' fees payable 1,485 1,499 License fees payable 6,471 — Total Liabilities 170,268 225,707 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 53,871,391 66,936,781 Total Partne