8-K: US 12 Month Oil Fund Reports Strong January Gains

United States 12 Month Oil Fund, LP reported a net income of over $4 million for January 2026, driven by significant unrealized gains in commodity futures.

Summary

• The United States 12 Month Oil Fund, LP recorded a net income of $4,060,722 for the month ended January 31, 2026.
• Total income for the month was $4,093,883, primarily driven by an unrealized gain of $4,557,657 on the market value of commodity futures.
• The fund experienced a realized trading loss of $(577,467) on commodity futures during the month.
• Additional income sources included $82,364 in dividend income and $31,329 in interest income.
• Total expenses amounted to $33,161, comprising general partner management fees ($19,348), professional fees ($10,340), brokerage commissions ($351), directors' fees and insurance ($2,638), and license fees ($484).
• The Net Asset Value (NAV) increased from $36,643,640 at the beginning of January 2026 to $40,704,362 by the end of the month.
• Net Asset Value Per Share stood at $37.00, based on 1,100,000 shares outstanding.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive report, reflecting robust market performance for its underlying assets, leading to a substantial increase in Net Asset Value and net income for the month.

Positives

• Achieved a substantial net income of $4,060,722 for the month.
• Reported significant unrealized gains of $4,557,657 on the market value of commodity futures, indicating favorable market movements for its holdings.
• Net Asset Value (NAV) increased by $4,060,722, from $36,643,640 to $40,704,362, reflecting positive fund performance.
• NAV per share increased to $37.00.

Negatives

• Incurred a realized trading loss of $(577,467) on commodity futures during the reporting period.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the reported monthly performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, as General Partner, certified that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended January 31, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that the performance of the United States 12 Month Oil Fund, LP, as a commodity-tracking fund, is directly influenced by the dynamics of the crude oil futures market. The significant unrealized gains suggest a favorable short-term market environment for oil prices during January 2026, aligning with broader energy sector trends that impact commodity-focused investment vehicles.

Comparison to Industry Standards

• This filing provides a monthly account statement for a commodity fund, which is standard practice for transparency in the ETF and commodity investment space. However, it does not include specific comparative data against other oil funds or industry benchmarks within the document itself to allow for a detailed assessment of its performance relative to peers like USO or BNO.

Related Party Transactions

• General Partner Management Fees of $19,348 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders benefit from the increase in Net Asset Value per share, indicating growth in their investment value.

Key Dates

Recommendation

The fund delivered strong net income and an increase in Net Asset Value for January 2026, primarily due to significant unrealized gains in commodity futures. While positive, as a commodity-tracking fund, its performance is inherently tied to market volatility. A 'Hold' recommendation reflects the fund's current positive trajectory but acknowledges the market-dependent nature of its returns, suggesting investors maintain their position to benefit from potential continued market upside while being aware of inherent commodity price risks.

Keywords

United States 12 Month Oil Fund, USL, Oil Fund, Commodity Futures, Net Asset Value, Monthly Report, Financial Performance, Energy ETF, SEC Filing