United States Brent Oil Fund LP Files Q3 2024 10-Q
Ticker: BNO · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1472494
Sentiment: neutral
Topics: oil-fund, 10-q, commodity-futures
TL;DR
**BNO Q3 10-Q filed. Shows commodity contract positions and cash equivalents.**
AI Summary
United States Brent Oil Fund, LP filed its 10-Q for the period ending September 30, 2024. The filing details the fund's financial position and performance, including its holdings in commodity contracts and cash equivalents. The fund is managed by United States Commodity Funds LLC and is incorporated in Delaware.
Why It Matters
This filing provides investors with a quarterly update on the financial health and operational status of the United States Brent Oil Fund, LP, which tracks the price of Brent crude oil.
Risk Assessment
Risk Level: medium — As a commodity fund, its value is directly tied to volatile oil prices, posing inherent market risk.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the specific date for which financial data is reported.)
- 2024-01-01 — Reporting Period Start Date (Marks the beginning of the period covered by the 10-Q.)
Key Players & Entities
- United States Brent Oil Fund, LP (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- United States Commodity Funds LLC (company) — Manager of the fund
- DE (location) — State of incorporation
FAQ
What is the primary investment objective of the United States Brent Oil Fund, LP?
The filing indicates the fund is associated with commodity contracts, suggesting its objective is to track the price of Brent crude oil.
Who manages the United States Brent Oil Fund, LP?
The fund is managed by United States Commodity Funds LLC, as indicated by the filer information.
In which state is the United States Brent Oil Fund, LP incorporated?
The fund is incorporated in Delaware (DE).
What fiscal year end does the United States Brent Oil Fund, LP have?
The fiscal year end for the fund is December 31 (1231).
What type of financial instruments does the fund primarily hold?
The filing references 'CommodityContractMember' and 'OpenPositionMember', indicating holdings in commodity futures contracts.
Filing Stats: 4,583 words · 18 min read · ~15 pages · Grade level 13.4 · Accepted 2024-11-08 12:31:03
Filing Documents
- bno-20240930x10q.htm (10-Q) — 1050KB
- bno-20240930xex31d1.htm (EX-31.1) — 9KB
- bno-20240930xex31d2.htm (EX-31.2) — 9KB
- bno-20240930xex32d1.htm (EX-32.1) — 6KB
- bno-20240930xex32d2.htm (EX-32.2) — 6KB
- bno-20240930x10q009.jpg (GRAPHIC) — 54KB
- bno-20240930x10q010.jpg (GRAPHIC) — 52KB
- bno-20240930x10q011.jpg (GRAPHIC) — 73KB
- bno-20240930x10q012.jpg (GRAPHIC) — 66KB
- 0001410578-24-001820.txt ( ) — 4538KB
- bno-20240930.xsd (EX-101.SCH) — 38KB
- bno-20240930_cal.xml (EX-101.CAL) — 25KB
- bno-20240930_def.xml (EX-101.DEF) — 97KB
- bno-20240930_lab.xml (EX-101.LAB) — 240KB
- bno-20240930_pre.xml (EX-101.PRE) — 167KB
- bno-20240930x10q_htm.xml (XML) — 558KB
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. 36
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 Brent 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 $ 181,511,361 and $ 78,711,966 , respectively) (Notes 2 and 5) $ 181,511,361 $ 78,711,966 Equity in trading accounts: Cash and cash equivalents (at cost $ 38,223,239 and $ 52,224,445 , respectively) 38,223,239 52,224,445 Unrealized gain (loss) on open commodity futures contracts ( 3,952,660 ) ( 1,181,530 ) Dividends receivable 367,119 368,631 Interest receivable 491,929 219,592 Prepaid insurance 12,194 10,579 Total Assets $ 216,653,182 $ 130,353,683 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 129,412 $ 88,365 Professional fees payable 181,575 179,686 Brokerage commissions payable 163 163 Directors' fees payable 4,773 3,092 Total Liabilities 315,923 271,306 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 216,337,259 130,082,377 Total Partners' Capital 216,337,259 130,082,377 Total Liabilities and P