United States Natural Gas Fund, LP — Form 8-K
Filed August 28, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 38/100
What the filing says
For July 2026, USNG recorded a net loss of $67.8M (18.8% of beginning NAV), driven by realized trading losses of $29.8M on futures and $16.9M on swaps, partially offset by unrealized gains of $21.8M on futures. Despite the loss, NAV grew from $417.7M to $476.0M due to net inflows of $126.1M (11.9M net new shares). Total shares outstanding rose from 40.6M to 47.5M, with NAV per share of $10.01.
Why this rating
Large monthly loss (~19% of NAV) is concerning operationally but offset by strong inflows; typical for commodity fund volatility; material but not trajectory-altering given fund's size.
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