8-K: United States Natural Gas Fund Reports $11.9 Million Net Loss in June

United States Natural Gas Fund, LP (UNG) reported a net loss of $11.9 million for the month ended June 30, 2025, primarily driven by trading losses on commodity futures and swap contracts.

Summary

• United States Natural Gas Fund, LP (UNG) recorded a net loss of $11,919,494 for the month ended June 30, 2025.
• Total income (loss) for the month was $(11,569,530), primarily due to significant unrealized losses on commodity futures ($8,526,340) and realized losses on swap contracts ($3,684,353).
• Expenses totaled $349,964, including General Partner Management Fees of $180,096.
• The fund's Net Asset Value increased to $360,537,619 at month-end from $346,779,501 at the beginning of June, driven by $74,520,043 in additions from 4,400,000 new shares, partially offset by $48,842,431 in withdrawals from 3,000,000 shares and the net loss.
• Net Asset Value Per Share at June 30, 2025, was $15.31, based on 23,546,103 shares outstanding.

Sentiment

Score: 3

Explanation: The significant net loss from trading activities, particularly unrealized losses on futures and realized losses on swaps, indicates a poor performance for the month. While the overall Net Asset Value increased due to capital inflows, the core investment performance was negative.

Positives

• Net Asset Value increased from $346,779,501 to $360,537,619 during June 2025, indicating net capital inflows.
• The fund generated positive Dividend Income of $679,661 and Interest Income of $420,041.
• Received $15,000 in ETF Transaction Fees.

Negatives

• Reported a significant Net Income (Loss) of $(11,919,494) for the month ended June 30, 2025.
• Incurred an Unrealized Gain (Loss) on Market Value of Commodity Futures of $(8,526,340).
• Experienced a Realized Gain (Loss) on Swap Contracts of $(3,684,353).
• Recorded a Realized Trading Gain (Loss) on Commodity Futures of $(473,540).

Future Outlook

No forward-looking statements or guidance are provided in this monthly account statement.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the General Partner, attested that the information contained in the Account Statement for the month ended June 30, 2025, is accurate and complete to the best of his knowledge and belief.

Industry Context

This filing reflects the performance of a natural gas commodity fund, indicating that the underlying natural gas market experienced unfavorable price movements or volatility during June 2025, leading to significant trading losses for the fund. The fund's performance is directly tied to the dynamics of the natural gas futures and swaps markets.

Comparison to Industry Standards

• No specific comparable companies, projects, or industry benchmarks are mentioned in the filing to allow for a direct comparison of results.

Related Party Transactions

• General Partner Management Fees of $180,096 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Shareholders experienced a decline in the fund's underlying trading performance, resulting in a net loss for the month. However, the overall Net Asset Value increased due to new capital additions, which could be seen as positive for the fund's liquidity and scale.

Next Steps

• No specific future actions, events, or milestones are mentioned beyond the regular monthly reporting requirements.

Key Dates

Recommendation

While the fund experienced a significant net loss from trading activities, indicating poor performance for the month, the overall Net Asset Value increased due to substantial capital inflows. This suggests continued investor interest despite the trading losses. Given the nature of a commodity fund, volatility and periods of loss are expected. A 'hold' recommendation is appropriate as the fund continues to attract capital, but its short-term trading performance was negative, warranting caution rather than a 'buy' or 'sell' based solely on this monthly snapshot.

Keywords

Natural Gas, Commodity Fund, UNG, Futures, Swaps, Investment Fund, SEC Filing, Monthly Statement, Net Asset Value, Trading Losses