8-K: UNL Reports Strong November Net Income and NAV Growth

United States 12 Month Natural Gas Fund, LP reported a net income of $424,330 for November 2025, driven by significant trading gains and an increase in Net Asset Value.

Summary

• Net Income for November 2025 was $424,330.
• Total income reached $447,766, primarily from realized trading gains of $155,650 and unrealized gains on commodity futures of $235,939.
• Total expenses for the month were $23,436, including General Partner Management Fees of $8,636 and Professional Fees of $12,386.
• Net Asset Value (NAV) increased from $15,257,922 at the beginning of November to $19,435,443 by month-end.
• The fund issued 450,000 new shares, contributing $3,753,191 to the Net Asset Value.
• Net Asset Value Per Share stood at $8.27 based on 2,350,000 shares outstanding at the end of November.

Sentiment

Score: 8

Explanation: The fund demonstrated strong financial performance for the month, with significant net income, substantial trading gains, and a healthy increase in Net Asset Value, indicating effective management of its commodity futures positions and successful capital raising.

Positives

• Strong net income of $424,330 for November 2025.
• Significant realized trading gains of $155,650 and unrealized gains of $235,939 on commodity futures.
• Increase in Net Asset Value from $15,257,922 to $19,435,443 during the month.
• Successful issuance of 450,000 new shares, adding $3,753,191 to the fund's assets.

Future Outlook

The filing is a historical monthly account statement and does not contain explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

• To the best of his knowledge and belief, the information contained in the Account Statement for the month ended November 30, 2025 is accurate and complete. (Stuart P. Crumbaugh, Chief Financial Officer)

Industry Context

This report reflects the performance of a natural gas commodity fund. The reported gains suggest a favorable market environment for natural gas futures during November 2025, potentially indicating rising natural gas prices or effective trading strategies in a volatile commodity market.

Related Party Transactions

• General Partner Management Fees of $8,636 were paid to United States Commodity Funds LLC, the general partner.

Stakeholder Impact

• Shareholders experienced an increase in Net Asset Value per share, indicating positive returns for the month.
• The General Partner (United States Commodity Funds LLC) received management fees, indicating ongoing operational revenue.

Key Dates

Recommendation

The fund reported strong net income and a significant increase in Net Asset Value for November 2025, driven by favorable trading gains in natural gas futures. This indicates effective management and positive short-term performance. However, as a commodity fund, its performance is highly susceptible to market volatility and future natural gas price movements. A single month's strong performance, while positive, is not sufficient to warrant a 'buy' recommendation without a broader analysis of market trends, risk management strategies, and long-term outlook. Therefore, a 'hold' recommendation is appropriate, acknowledging the good recent results while advising caution due to inherent commodity market risks and the limited scope of this monthly report.

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, UNL, Monthly Report, Trading Gains, Investment Fund, Energy Futures