Key Highlights

  • The fund reported net income of $30,054,525 for August 2026, led by an unrealized futures gain of $38,468,260.
  • A realized futures loss of $14,184,090 was partly offset by a realized gain on swap contracts of $4,839,887.
  • Ending net asset value was $570,973,024, or $10.55 per share, with 54,146,103 shares outstanding at August 31, 2026.
  • The fund issued 10,600,000 shares and redeemed 4,000,000, and net assets rose by $94,990,802 over the month.

United States Natural Gas Fund, LP (NYSE:UNG), which trades on NYSE Arca under the symbol UNG, filed a Form 8-K attaching its monthly account statement for the month ended August 31, 2026 as Exhibit 99.1. The statement reports net income of $30,054,525 for August and ending net asset value of $570,973,024, or $10.55 per share, with 54,146,103 shares outstanding.

The general partner is United States Commodity Funds LLC, and the statement is signed by Stuart P. Crumbaugh, its Chief Financial Officer.

A Mixed Trading Picture

The income statement is more varied than those of some sister funds because it includes swap contracts as well as futures. The fund reported a realized trading loss on commodity futures of $14,184,090 and a realized gain on swap contracts of $4,839,887. On the unrealized side, it recorded a gain on the market value of commodity futures of $38,468,260 and a loss on the fair value of swap contracts of $774.

Other income included dividend income of $735,426, interest income of $710,372 and ETF transaction fees of $7,000. Netting all of these items gives total income of $30,576,081. In other words, the month's profit came from the unrealized gain on futures, which more than covered the realized loss on futures. Realized and unrealized results measure different things: realized results arise from positions closed or expired during the month, while unrealized results reflect the change in value of positions still open on August 31.

Total expenses were $521,556. The components were general partner management fees of $257,719, professional fees of $141,157, brokerage commissions of $109,588, directors' fees and insurance of $6,649, and license fees of $6,443. Total income less those expenses equals the reported net income of $30,054,525.

Share Activity and Net Assets

The fund began August with net assets of $475,982,222. It issued 10,600,000 shares for $106,106,403 and redeemed 4,000,000 shares for $41,170,126, so creations exceeded redemptions by 6,600,000 shares. Net income of $30,054,525 completes the bridge to ending net assets of $570,973,024. Net assets therefore rose by $94,990,802 over the month, with the net inflow from share activity, $64,936,277, accounting for a larger portion of the increase than net income did.

Net asset value per share of $10.55 is the fund's ending net assets divided by its 54,146,103 shares outstanding. It is a calculated figure and is separate from the price at which the fund's shares trade on the exchange, which the exhibit does not report.

What the Statement Is and Is Not

The fund is a commodity pool that invests in natural gas futures and related contracts, and commodity pool operators must give participants periodic account statements under Commodity Futures Trading Commission rules. The exhibit contains a certification, made under Rule 4.22(h) of the Commodity Exchange Act, that to the best of the signer's knowledge and belief the information in the account statement for the month ended August 31, 2026 is accurate and complete. The general partner's address is 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California.

The statement is a summary of income, expenses and changes in net assets.

Natural Gas Fund Inflows and Swap Exposure to Follow

The next statement in this monthly series would cover September 2026 and would show how the fund's net assets, shares outstanding and net asset value per share changed after August 31. For a fuller account of the fund's holdings, investment objective and risks, investors can consult its prospectus, its quarterly reports on Form 10-Q and its annual report on Form 10-K.