United States 12 Month Oil Fund, LP filed its Form 10-Q with the SEC on November 9, 2026, covering the quarterly period ended September 30, 2026, disclosing financial condition, investment holdings, and results of operations for the fund listed on NYSE Arca as NYSE Arca:USL.

Key Highlights

  • Net asset value per share: $57.05 as of September 30, 2026, compared to $33.31 at December 31, 2025.
  • Total partners' capital: $48,495,866 at September 30, 2026, up from $36,643,640 at December 31, 2025.
  • Shares outstanding: 850,000 limited partners' shares as of September 30, 2026, down from 1,100,000 at December 31, 2025; 800,000 outstanding as of November 3, 2026.
  • Unrealized gain on open futures: $7,165,951 on 588 long NYMEX WTI Crude Oil Futures contracts as of September 30, 2026, compared to an unrealized loss of $3,032,474 at December 31, 2025.
  • Total assets: $49,117,177 at September 30, 2026, versus $36,815,860 at December 31, 2025.
  • Market value per share: $57.09 at September 30, 2026, compared to $33.32 at December 31, 2025.

United States 12 Month Oil Fund Q3 2026 Financial Position and Holdings

According to the filing, United States 12 Month Oil Fund, LP (NYSE Arca:USL) reported total assets of $49,117,177 at September 30, 2026, an increase from $36,815,860 at December 31, 2025. Total liabilities rose to $621,311 from $172,220 over the same period, with total partners' capital reaching $48,495,866. The net asset value per share was $57.05 and the market value per share was $57.09 at the close of the quarter.

The fund's portfolio as of September 30, 2026, included 588 long NYMEX WTI Crude Oil Futures contracts spanning November 2026 through October 2027 expirations, with 49 contracts held in each of 12 monthly series, according to the filing. The aggregate notional amount of these positions was $41,367,569, and the total unrealized gain on open commodity futures contracts was $7,165,951, representing 14.78% of partners' capital. The fund also held two U.S. Treasury Bills with a combined fair value of $1,993,761, maturing on October 27, 2026, and November 3, 2026, at yields of 3.96% and 3.99%, respectively.

The filing disclosed that money market fund holdings totaled $33,030,000, comprising $23,700,000 in the Dreyfus Institutional Preferred Government Money Market Fund at a 7-day yield of 3.82% and $9,330,000 in the Morgan Stanley Institutional Liquidity Funds - Government Portfolio at a 7-day yield of 3.81%, as of September 30, 2026. Cash and cash equivalents held outside the trading account amounted to $39,817,444. The fund reported 800,000 outstanding shares as of November 3, 2026.

What Was Disclosed

The 10-Q covers United States 12 Month Oil Fund, LP's unaudited financial statements for the quarter ended September 30, 2026, including its statement of financial condition, schedule of investments in WTI crude oil futures and short-term instruments, and changes in partners' capital and shares outstanding.