United States Natural Gas Fund, LP (UNG) Form 10-Q — Aug 7, 2026
United States Natural Gas Fund, LP (UNG) reported net assets of $417.7 million and a per-share NAV of $11.78 at June 30, 2026, down from $12.20 at year-end 2025, a first-half total return of (3.44)% that outperformed its benchmark futures contract by 0.80 percentage points. The commodity pool held 9,355 long NYMEX natural gas futures contracts at quarter-end, backed by $412.9 million in cash deposits and short-term investments, and paid general partner USCF a 0.60% annualized management fee; Q2 2026 net income was $0.08 per share versus a $6.23 per-share loss in Q2 2025.
Key figures
- Eps
- -$0.42 per share for the six months (net decrease in NAV per share); +$0.08 per share in Q2 2026 vs -$6.23 in Q2 2025
- Revenue
- $7,886,666 in dividend and interest income for the six months ended June 30, 2026 (vs $9,173,422 prior-year period)
- Cash Position
- $412,853,330 in cash deposits and short-term investments with custodian and FCMs as of June 30, 2026
- Shares Outstanding
- 35446103
- Nav Per Share
- 11.78
- Total Assets
- 421672309
- Q2 Total Return
- 0.71%
- Total Liabilities
- 3972785
- Management Fee Rate
- 0.60% of NAV annualized
- Natural Gas Storage
- 2,922 Bcf, 0.8% below year-ago, 6.4% above five-year average
- Market Price Per Share
- 11.72
- Six Month Total Return
- (3.44)%
- Futures Contracts Held
- 9355
- Nav Per Share Dec312025
- 12.2
- Total Partners Capital
- 417699524
- Creation Redemption Fee
- $350 per order (reduced from $1,000 effective January 1, 2026)
- Benchmark Futures Change
- (11.15)% over six months (hypothetical, $3.686 to $3.275/MMBtu)
- Management Fee Six Months
- 1457780
- Q2 Total Return Prior Year
- (28.92)%
- Money Market Fund Holdings
- 240250000
- Monthly Avg Open Swap Notional
- 121156346
- Thirty Day Tracking Difference
- 0.7 bps (NAV +0.170% vs benchmark +0.163% average daily)
- Monthly Avg Open Futures Notional
- 341602625
- Total Partners Capital Dec312025
- 550640328
- Nyse Accountability Level Any Month
- 6000
- Nyse Accountability Level All Months
- 12000
- Max Futures Contracts Held During Period
- 24907
Price after filing
Close on the filing date to close N calendar days later (from $9.74). Historical, not a forecast.
AI analysis
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