Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 21, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | United States 12 Month Natural Gas Fund, LP | ||
Entity Central Index Key | 1,405,513 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 14,896,000 | ||
Trading Symbol | UNL | ||
Entity Common Stock, Shares Outstanding | 1,100,000 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents (Notes 2 and 5) | $ 15,061,018 | $ 11,219,734 |
Equity in trading accounts: | ||
Cash and cash equivalents | 699,804 | 4,322,372 |
Unrealized gain (loss) on open commodity futures contracts | 2,796,004 | (2,421,976) |
Receivable from General Partner (Note 3) | 102,092 | 89,122 |
Dividends receivable | 1,488 | 151 |
Directors' fees and insurance receivable | 0 | 1,197 |
ETF transaction fees receivable | 350 | 0 |
Total assets | 18,660,756 | 13,210,600 |
Liabilities and Partners' Capital | ||
Payable due to Broker | 2,099,689 | 0 |
General Partner management fees payable (Note 3) | 10,437 | 7,927 |
Professional fees payable | 102,301 | 74,941 |
Brokerage commissions payable | 1,801 | 1,801 |
Directors' fees and insurance payable | 106 | 0 |
License fees payable | 744 | 828 |
Total liabilities | 2,215,078 | 85,497 |
Commitments and Contingencies (Notes 3, 4 and 5) | ||
Partners' Capital | ||
General Partner | 0 | 0 |
Limited Partners | 16,445,678 | 13,125,103 |
Total Partners' Capital | 16,445,678 | 13,125,103 |
Total liabilities and partners' capital | $ 18,660,756 | $ 13,210,600 |
Limited Partners' shares outstanding | 1,400,000 | 1,350,000 |
Net asset value per share | $ 11.75 | $ 9.72 |
Market value per share | $ 11.69 | $ 9.7 |
Schedule of Investments
Schedule of Investments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
United State [Member] | Money Market Funds [Member] | ||||
Market Value | $ 5,000,000 | $ 4,500,000 | ||
% of Partners' Capital | 30.40% | 34.28% | ||
United State [Member] | Fidelity Investments Money Market Funds - Government Portfolio [Member] | Money Market Funds [Member] | ||||
Principal Amount | $ 2,000,000 | |||
Market Value | $ 2,000,000 | |||
% of Partners' Capital | 12.16% | |||
United State [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member] | Money Market Funds [Member] | ||||
Principal Amount | $ 1,000,000 | $ 500,000 | ||
Market Value | $ 1,000,000 | $ 500,000 | ||
% of Partners' Capital | 6.08% | 3.81% | ||
United State [Member] | Morgan Stanley Institutional Liquidity Fund - Government Portfolio [Member] | Money Market Funds [Member] | ||||
Principal Amount | $ 2,000,000 | $ 4,000,000 | ||
Market Value | $ 2,000,000 | $ 4,000,000 | ||
% of Partners' Capital | 12.16% | 30.47% | ||
Cash Equivalents [Member] | US Treasury Securities [Member] | ||||
Market Value | $ 6,292,035 | $ 3,995,184 | ||
% of Partners' Capital | 38.26% | 30.44% | ||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.19%, 2/04/2016 [Member] | ||||
Principal Amount | $ 1,000,000 | |||
Market Value | $ 999,825 | |||
% of Partners' Capital | 7.62% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.22%, 2/11/2016 [Member] | ||||
Principal Amount | $ 1,000,000 | |||
Market Value | $ 999,755 | |||
% of Partners' Capital | 7.62% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.43%, 6/02/2016 [Member] | ||||
Principal Amount | $ 500,000 | |||
Market Value | $ 499,097 | |||
% of Partners' Capital | 3.80% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.52%, 6/09/2016 [Member] | ||||
Principal Amount | $ 500,000 | |||
Market Value | $ 498,845 | |||
% of Partners' Capital | 3.80% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.47%, 6/30/2016 [Member] | ||||
Principal Amount | $ 1,000,000 | |||
Market Value | $ 997,662 | |||
% of Partners' Capital | 7.60% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.34%, 1/05/2017 [Member] | ||||
Principal Amount | $ 400,000 | |||
Market Value | $ 399,985 | |||
% of Partners' Capital | 2.43% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.43%, 1/19/2017 [Member] | ||||
Principal Amount | $ 500,000 | |||
Market Value | $ 499,894 | |||
% of Partners' Capital | 3.04% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.36%, 1/26/2017 [Member] | ||||
Principal Amount | $ 500,000 | |||
Market Value | $ 499,875 | |||
% of Partners' Capital | 3.04% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.40%, 2/02/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,929 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.42%, 2/09/2017 [Member] | ||||
Principal Amount | $ 300,000 | |||
Market Value | $ 299,864 | |||
% of Partners' Capital | 1.82% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.45%, 2/16/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,885 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.45%, 2/23/2017 [Member] | ||||
Principal Amount | $ 300,000 | |||
Market Value | $ 299,803 | |||
% of Partners' Capital | 1.82% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.45%, 3/02/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,850 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.47%, 3/09/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,825 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.50%, 3/16/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,793 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.45%, 3/23/2017 [Member] | ||||
Principal Amount | $ 300,000 | |||
Market Value | $ 299,700 | |||
% of Partners' Capital | 1.82% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.43%, 3/30/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,790 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.46%, 4/06/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,760 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.47%, 4/13/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,734 | |||
% of Partners' Capital | 1.22% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.46%, 4/20/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,725 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.47%, 4/27/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,700 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.49%, 5/04/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,663 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.55%, 5/11/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,606 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.60%, 5/18/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,547 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.61%, 5/25/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,514 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.60%, 6/01/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,501 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.62%, 6/08/2017 [Member] | ||||
Principal Amount | $ 300,000 | |||
Market Value | $ 299,190 | |||
% of Partners' Capital | 1.82% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.65%, 6/15/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,409 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.64%, 6/22/2017 [Member] | ||||
Principal Amount | $ 200,000 | |||
Market Value | $ 199,388 | |||
% of Partners' Capital | 1.21% | |||
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.60%, 6/29/2017 [Member] | ||||
Principal Amount | $ 300,000 | |||
Market Value | $ 299,105 | |||
% of Partners' Capital | 1.82% | |||
Cash Equivalents [Member] | United State [Member] | ||||
Market Value | $ 11,292,035 | $ 8,495,184 | ||
% of Partners' Capital | 68.66% | 64.72% | ||
Open Futures Contracts, Long [Member] | United State [Member] | ||||
Number of Contracts | 454 | [1] | 520 | [2] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 2,796,004 | [1] | $ (2,421,976) | [2] |
% of Partners' Capital | 17.00% | [1] | (18.45%) | [2] |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2016 contracts, expiring January 2016 [Member] | ||||
Number of Contracts | 44 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (401,350) | |||
% of Partners' Capital | (3.06%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2016 contracts, expiring February 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (368,312) | |||
% of Partners' Capital | (2.81%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2016 contracts, expiring March 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (259,738) | |||
% of Partners' Capital | (1.98%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2016 contracts, expiring April 2016 [Member] | ||||
Number of Contracts | 44 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (198,797) | |||
% of Partners' Capital | (1.51%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2016 contracts, expiring May 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (274,070) | |||
% of Partners' Capital | (2.09%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2016 contracts, expiring June 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (232,402) | |||
% of Partners' Capital | (1.77%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2016 contracts, expiring July 2016 [Member] | ||||
Number of Contracts | 44 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (250,586) | |||
% of Partners' Capital | (1.91%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2016 contracts, expiring August 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (192,206) | |||
% of Partners' Capital | (1.46%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2016 contracts, expiring September 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (167,008) | |||
% of Partners' Capital | (1.27%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2016 contracts, expiring October 2016 [Member] | ||||
Number of Contracts | 44 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (120,034) | |||
% of Partners' Capital | (0.91%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2016 contracts, expiring November 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ (46,933) | |||
% of Partners' Capital | (0.36%) | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2017 contracts, expiring December 2016 [Member] | ||||
Number of Contracts | 43 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 89,460 | |||
% of Partners' Capital | 0.68% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2017 contracts, expiring January 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 324,287 | |||
% of Partners' Capital | 1.97% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2017 contracts, expiring February 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 372,656 | |||
% of Partners' Capital | 2.27% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2017 contracts, expiring March 2017 [Member] | ||||
Number of Contracts | 37 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 359,570 | |||
% of Partners' Capital | 2.19% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2017 contracts, expiring April 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 319,852 | |||
% of Partners' Capital | 1.94% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2017 contracts, expiring May 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 269,745 | |||
% of Partners' Capital | 1.64% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2017 contracts, expiring June 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 224,608 | |||
% of Partners' Capital | 1.37% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2017 contracts, expiring July 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 180,349 | |||
% of Partners' Capital | 1.10% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2017 contracts, expiring August 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 224,249 | |||
% of Partners' Capital | 1.36% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2017 contracts, expiring September 2017 [Member] | ||||
Number of Contracts | 37 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 186,052 | |||
% of Partners' Capital | 1.13% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2017 contracts, expiring October 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 98,323 | |||
% of Partners' Capital | 0.60% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2017 contracts, expiring November 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 188,413 | |||
% of Partners' Capital | 1.14% | |||
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2018 contracts, expiring December 2017 [Member] | ||||
Number of Contracts | 38 | |||
Unrealized Gain (Loss) on Open Commodity Contracts | $ 47,900 | |||
% of Partners' Capital | 0.29% | |||
[1] | Collateral amounted to $699,804 on open futures contracts. | |||
[2] | Collateral amounted to $4,322,372 on open futures contracts. |
Schedule of Investments (Parent
Schedule of Investments (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument, Collateral Amount | $ 699,804 | $ 4,322,372 |
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.19%, 2/04/2016 [Member] | ||
Expiration date | 2/04/2016 | |
Interest Rate | 0.19% | |
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.22%, 2/11/2016 [Member] | ||
Expiration date | 2/11/2016 | |
Interest Rate | 0.22% | |
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.43%, 6/02/2016 [Member] | ||
Expiration date | 6/02/2016 | |
Interest Rate | 0.43% | |
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.52%, 6/09/2016 [Member] | ||
Expiration date | 6/09/2016 | |
Interest Rate | 0.52% | |
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.47%, 6/30/2016 [Member] | ||
Expiration date | 6/30/2016 | |
Interest Rate | 0.47% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.34%, 1/05/2017 [Member] | ||
Expiration date | 1/05/2017 | |
Interest Rate | 0.34% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.43%, 1/19/2017 [Member] | ||
Expiration date | 1/19/2017 | |
Interest Rate | 0.43% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.36%, 1/26/2017 [Member] | ||
Expiration date | 1/26/2017 | |
Interest Rate | 0.36% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills 0.40%, 2/02/2017 [Member] | ||
Expiration date | 2/02/2017 | |
Interest Rate | 0.40% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.42%, 2/09/2017 [Member] | ||
Expiration date | 2/09/2017 | |
Interest Rate | 0.42% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.45%, 2/16/2017 [Member] | ||
Expiration date | 2/16/2017 | |
Interest Rate | 0.45% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.45%, 2/23/2017 [Member] | ||
Expiration date | 2/23/2017 | |
Interest Rate | 0.45% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.45%, 3/02/2017 [Member] | ||
Expiration date | 3/02/2017 | |
Interest Rate | 0.45% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.47%, 3/09/2017 [Member] | ||
Expiration date | 3/09/2017 | |
Interest Rate | 0.47% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.50%, 3/16/2017 [Member] | ||
Expiration date | 3/16/2017 | |
Interest Rate | 0.50% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.45%, 3/23/2017 [Member] | ||
Expiration date | 3/23/2017 | |
Interest Rate | 0.45% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.43%, 3/30/2017 [Member] | ||
Expiration date | 3/30/2017 | |
Interest Rate | 0.43% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.46%, 4/06/2017 [Member] | ||
Expiration date | 4/06/2017 | |
Interest Rate | 0.46% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.47%, 4/13/2017 [Member] | ||
Expiration date | 4/13/2017 | |
Interest Rate | 0.47% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.46%, 4/20/2017 [Member] | ||
Expiration date | 4/20/2017 | |
Interest Rate | 0.46% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.47%, 4/27/2017 [Member] | ||
Expiration date | 4/27/2017 | |
Interest Rate | 0.47% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.49%, 5/04/2017 [Member] | ||
Expiration date | 5/04/2017 | |
Interest Rate | 0.49% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.55%, 5/11/2017 [Member] | ||
Expiration date | 5/11/2017 | |
Interest Rate | 0.55% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.60%, 5/18/2017 [Member] | ||
Expiration date | 5/18/2017 | |
Interest Rate | 0.60% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.61%, 5/25/2017 [Member] | ||
Expiration date | 5/25/2017 | |
Interest Rate | 0.61% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.60%, 6/01/2017 [Member] | ||
Expiration date | 6/01/2017 | |
Interest Rate | 0.60% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.62%, 6/08/2017 [Member] | ||
Expiration date | 6/08/2017 | |
Interest Rate | 0.62% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.65%, 6/15/2017 [Member] | ||
Expiration date | 6/15/2017 | |
Interest Rate | 0.65% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.64%, 6/22/2017 [Member] | ||
Expiration date | 6/22/2017 | |
Interest Rate | 0.64% | |
Cash Equivalents [Member] | United State [Member] | U.S. Treasury Bills: 0.60%, 6/29/2017 [Member] | ||
Expiration date | 6/29/2017 | |
Interest Rate | 0.60% | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2016 contracts, expiring January 2016 [Member] | ||
Expiration date | January 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2016 contracts, expiring February 2016 [Member] | ||
Expiration date | February 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2016 contracts, expiring March 2016 [Member] | ||
Expiration date | March 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2016 contracts, expiring April 2016 [Member] | ||
Expiration date | April 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2016 contracts, expiring May 2016 [Member] | ||
Expiration date | May 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2016 contracts, expiring June 2016 [Member] | ||
Expiration date | June 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2016 contracts, expiring July 2016 [Member] | ||
Expiration date | July 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2016 contracts, expiring August 2016 [Member] | ||
Expiration date | August 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2016 contracts, expiring September 2016 [Member] | ||
Expiration date | September 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2016 contracts, expiring October 2016 [Member] | ||
Expiration date | October 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2016 contracts, expiring November 2016 [Member] | ||
Expiration date | November 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2017 contracts, expiring December 2016 [Member] | ||
Expiration date | December 2,016 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2017 contracts, expiring January 2017 [Member] | ||
Expiration date | January 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2017 contracts, expiring February 2017 [Member] | ||
Expiration date | February 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2017 contracts, expiring March 2017 [Member] | ||
Expiration date | March 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2017 contracts, expiring April 2017 [Member] | ||
Expiration date | April 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2017 contracts, expiring May 2017 [Member] | ||
Expiration date | May 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2017 contracts, expiring June 2017 [Member] | ||
Expiration date | June 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2017 contracts, expiring July 2017 [Member] | ||
Expiration date | July 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2017 contracts, expiring August 2017 [Member] | ||
Expiration date | August 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2017 contracts, expiring September 2017 [Member] | ||
Expiration date | September 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2017 contracts, expiring October 2017 [Member] | ||
Expiration date | October 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2017 contracts, expiring November 2017 [Member] | ||
Expiration date | November 2,017 | |
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2018 contracts, expiring December 2017 [Member] | ||
Expiration date | December 2,017 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (loss) on trading of commodity futures contracts: | |||
Realized gain (loss) on closed futures contracts | $ (2,271,270) | $ (6,916,714) | $ 2,205,950 |
Change in unrealized gain (loss) on open futures contracts | 5,217,980 | 2,497,914 | (6,009,940) |
Dividend income | 10,786 | 2,766 | 2,798 |
Interest income | 32,944 | 3,669 | 2,288 |
ETF transaction fees | 1,750 | 6,650 | 5,600 |
Total income (loss) | 2,992,190 | (4,405,715) | (3,793,304) |
Expenses | |||
General Partner management fees (Note 3) | 102,306 | 118,848 | 143,944 |
Professional fees | 114,167 | 101,338 | 150,833 |
Brokerage commissions | 3,451 | 6,117 | 3,918 |
Directors' fees and insurance | 2,888 | 3,140 | 6,009 |
License fees | 2,046 | 2,377 | 2,879 |
Total expenses | 224,858 | 231,820 | 307,583 |
Expense waiver (Note 3) | (102,092) | (89,122) | (128,906) |
Net expenses | 122,766 | 142,698 | 178,677 |
Net income (loss) | $ 2,869,424 | $ (4,548,413) | $ (3,971,981) |
Net income (loss) per limited partnership share | $ 2.03 | $ (3.97) | $ (4.63) |
Net income (loss) per weighted average limited partnership share | $ 2.07 | $ (3.48) | $ (3.85) |
Weighted average limited partnership shares outstanding | 1,387,568 | 1,305,753 | 1,031,781 |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | General Partner [Member] | Limited Partners [Member] |
Balances at Dec. 31, 2013 | $ 27,482,983 | $ 0 | $ 27,482,983 |
Addition of partnership share | 4,902,725 | 0 | 4,902,725 |
Redemption of partnership shares | (11,987,259) | 0 | (11,987,259) |
Net income (loss) | (3,971,981) | 0 | (3,971,981) |
Balances at Dec. 31, 2014 | $ 16,426,468 | 0 | 16,426,468 |
Net asset value, beginning of year at Dec. 31, 2013 | $ 18.32 | ||
Net asset value, end of year at Dec. 31, 2014 | $ 13.69 | ||
Addition of partnership share | $ 11,129,688 | 0 | 11,129,688 |
Redemption of partnership shares | (9,882,640) | 0 | (9,882,640) |
Net income (loss) | (4,548,413) | 0 | (4,548,413) |
Balances at Dec. 31, 2015 | $ 13,125,103 | 0 | 13,125,103 |
Net asset value, end of year at Dec. 31, 2015 | $ 9.72 | ||
Addition of partnership share | $ 1,418,858 | 0 | 1,418,858 |
Redemption of partnership shares | (967,707) | 0 | (967,707) |
Net income (loss) | 2,869,424 | 0 | 2,869,424 |
Balances at Dec. 31, 2016 | $ 16,445,678 | $ 0 | $ 16,445,678 |
Net asset value, end of year at Dec. 31, 2016 | $ 11.75 |
Statements of Changes in Partn7
Statements of Changes in Partners' Capital (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Addition of partnership share | 150,000 | 900,000 | 300,000 |
Redemption of partnership shares | 100,000 | 750,000 | 600,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 2,869,424 | $ (4,548,413) | $ (3,971,981) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | 3,622,568 | 1,202,800 | (4,576,085) |
Unrealized (gain) loss on open futures contracts | (5,217,980) | (2,497,914) | 6,009,940 |
(Increase) decrease in receivable from General Partner | (12,970) | (22,856) | 34,314 |
(Increase) decrease in dividends receivable | (1,337) | 96 | 425 |
(Increase) decrease in directors' fees and insurance receivable | 1,197 | (85) | (277) |
(Increase) decrease in ETF transaction fees receivable | (350) | 350 | (350) |
Increase (decrease) in payable due to Broker | 2,099,689 | 0 | 0 |
Increase (decrease) in General Partner management fees payable | 2,510 | (3,142) | (7,276) |
Increase (decrease) in professional fees payable | 27,360 | (5,108) | (70,453) |
Increase (decrease) in brokerage commissions payable | 0 | 220 | (1,027) |
Increase (decrease) in directors' fees and insurance payable | 106 | 0 | 0 |
Increase (decrease) in license fees payable | (84) | (170) | (372) |
Net cash provided by (used in) operating activities | 3,390,133 | (5,874,222) | (2,583,142) |
Cash Flows from Financing Activities: | |||
Addition of partnership shares | 1,418,858 | 11,863,149 | 4,169,264 |
Redemption of partnership shares | (967,707) | (9,882,640) | (11,987,259) |
Net cash provided by (used in) financing activities | 451,151 | 1,980,509 | (7,817,995) |
Net Increase (Decrease) in Cash and Cash Equivalents | 3,841,284 | (3,893,713) | (10,401,137) |
Cash and Cash Equivalents, beginning of year | 11,219,734 | 15,113,447 | 25,514,584 |
Cash and Cash Equivalents, end of year | $ 15,061,018 | $ 11,219,734 | $ 15,113,447 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Business [Abstract] | |
Organization and Business | NOTE 1 - ORGANIZATION AND BUSINESS The United States 12 Month Natural Gas Fund, LP (“UNL”) was organized as a limited partnership under the laws of the state of Delaware on June 27, 2007. UNL is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). UNL will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the “LP Agreement”). The investment objective of UNL is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices of 12 futures contracts on natural gas traded on the New York Mercantile Exchange (the “NYMEX”), consisting of the near month contract to expire and the contracts for the following 11 months for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the following 11 consecutive months (the “Benchmark Futures Contracts”), less UNL’s expenses. UNL’s investment objective is not nor greater than one day United States Commodity Funds LLC (“USCF”), the general partner of UNL, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below). UNL accomplishes its objective through investments in futures contracts for natural gas, crude oil, diesel-heating oil, gasoline and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, “Futures Contracts”) and other natural gas-related investments such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of natural gas, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Natural Gas-Related Investments”). As of December 31, 2016, UNL held 454 UNL commenced investment operations on November 18, 2009 and has a fiscal year ending on December 31. USCF is responsible for the management of UNL. USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps form on August 8, 2013. USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the AMEX under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007, “UGA” on February 26, 2008 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the American Stock Exchange (the “AMEX”) by NYSE Euronext, each of USO’s, UNG’s, USL’s UGA’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“DNO”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “DNO” on September 24, 2009 and “BNO” on June 2, 2010, respectively. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), the United States Agriculture Index Fund (“USAG”) and USCF Canadian Crude Oil Fund (“UCCO”), each a series of the United States Commodity Index Funds Trust. USCI, CPER and USAG listed their shares on the NYSE Arca under the ticker symbol “USCI” on August 10, 2010, “CPER” on November 15, 2011 and “USAG” on April 13, 2012, respectively. UCCO is currently in registration. All funds listed previously, other than UCCO, are referred to collectively herein as the “Related Public Funds.” In addition, USCF is the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the REX S&P MLP Fund, the REX S&P MLP Inverse Fund, the United States 3X Oil Fund and the United States 3X Short Oil Fund, all of which are funds that are currently in registration and have not commenced operations. The funds that are series of the USCF Funds Trust (the “REX Funds”) are not included in the Related Public Funds. UNL issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 From July 1, 2011 through December 31, 2016 (and continuing at least through April 30, 2017), the applicable transaction fee paid by Authorized Participants is $ 350 1,000 In November 2009, UNL initially registered 30,000,000 50.00 200,000 10,000,000 30,000,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL is an investment company and follows the accounting and reporting guidance in FASB Topic 946. Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UNL earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. UNL is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, UNL is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. UNL files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UNL is not subject to income tax return examinations by major taxing authorities for years before 2013. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in UNL recording a tax liability that reduces net assets. However, UNL’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. UNL recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2016. Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UNL receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNL’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UNL a transaction fee of $ 350 Profit or loss shall be allocated among the partners of UNL in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. UNL’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. UNL uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2016. Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNL. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted. Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation. The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
FEES PAID BY THE FUND AND RELAT
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Fees Paid By Fund and Related Party Transactions [Abstract] | |
Fees Paid by the Fund and Related Party Transactions | NOTE 3 - FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of UNL in accordance with the objectives and policies of UNL. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to UNL. For these services, UNL is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75% per annum of average daily total net assets Ongoing Registration Fees and Other Offering Expenses UNL pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2016, 2015 and 2014, UNL did not incur any registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses UNL is responsible for paying its portion of the directors’ and officers’ liability insurance for UNL and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UNL and the Related Public Funds. UNL shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund, computed on a daily basis. These fees and expenses for the year ended December 31, 2016 were $ 582,050 2,888 569,303 3,140 Licensing Fees A discussed in Note 4 below, UNL entered into a licensing agreement with the NYMEX on December 4, 2007, as amended on October 20, 2011. Pursuant to the agreement, UNL and the Related Public Funds, other than BNO, USCI, CPER and USAG pay a licensing fee that is equal to 0.015 on all net assets 2,046 2,377 2,879 Investor Tax Reporting Cost The fees and expenses associated with UNL’s audit expenses and tax accounting and reporting requirements are paid by UNL. These costs were approximately $ 76,000 86,000 86,000 Other Expenses and Fees and Expense Waivers In addition to the fees described above, UNL pays all brokerage fees and other expenses in connection with the operation of UNL, excluding costs and expenses paid by USCF as outlined in Note 4 below. USCF has voluntarily agreed to pay certain expenses typically borne by UNL, to the extent that such expenses exceeded 0.15 102,092 Note 4 Contracts and Agreements |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Contracts and Agreements [Abstract] | |
Contracts and Agreements | NOTE 4 - CONTRACTS AND AGREEMENTS Marketing Agent Agreement UNL is party to a marketing agent agreement, dated as of October 30, 2009, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for UNL as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 3 0.04 3 10 The above fee does not include website construction and development, which are borne by USCF. Brown Brothers Harriman & Co. Agreements UNL is also party to a custodian agreement, dated November 3, 2009, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of UNL. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, UNL is party to an administrative agency agreement, dated as of November 3, 2009, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for UNL. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $ 75,000 20,000 0.06 500 0.0465 500 1 0.035 1 7 15 Brokerage and Futures Commission Merchant Agreements On October 8, 2013, UNL entered into a brokerage agreement with RBC Capital Markets, LLC (“RBC Capital” or “RBC”) to serve as UNL’s FCM, effective October 10, 2013. The agreement with RBC requires it to provide services to UNL in connection with the purchase and sale of Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through RBC Capital and/or UBS Securities for UNL’s account. In accordance with the agreement, RBC Capital charges UNL commissions of approximately $ 7 8 For the Year For the Year For the Year Ended Ended Ended December 31, December 31, December 31, 2016 2015 2014 Total commissions accrued to brokers $ 3,451 $ 6,117 $ 3,918 Total commissions as annualized percentage of average total net assets 0.03 % 0.04 % 0.02 % Commissions accrued as a result of rebalancing $ 3,305 $ 4,698 $ 2,126 Percentage of commissions accrued as a result of rebalancing 95.77 % 76.80 % 54.26 % Commissions accrued as a result of creation and redemption activity $ 146 $ 1,419 $ 1,792 Percentage of commissions accrued as a result of creation and redemption activity 4.23 % 23.20 % 45.74 % Total commissions accrued to brokers for the year ended December 31, 2016, compared to the year ended December 31, 2015, were similar; and were similar for the year ended December 31, 2015, compared to the year ended December 31, 2014 as measured as an annualized percentage of average total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. NYMEX Licensing Agreement UNL and the NYMEX entered into a licensing agreement on December 4, 2007, as amended on October 20, 2011, whereby UNL was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, UNL and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. UNL expressly disclaims any association with the NYMEX or endorsement of UNL by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX. |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Off Balance Sheet Risks and Contingencies [Abstract] | |
Financial Instruments, Off-Balance Sheet Risks and Contingencies | NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES UNL may engage in the trading of futures contracts, options on futures contracts and swap contracts (collectively, “derivatives”). UNL is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. UNL may enter into futures contracts and options on futures contracts and may engage in cleared swap contracts to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g. ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure UNL has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the Futures Contracts held by UNL through December 31, 2016 were exchange-traded futures contracts. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps, since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if UNL were to enter into non-exchange traded contracts, it would be subject to credit risks associated with counterparty non-performance. OTC transactions subject UNL to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. UNL has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, UNL bears the risk of financial failure by the clearing broker. UNL’s cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of UNL’s assets posted with that FCM; however, the majority of UNL’s assets are held in cash and/or cash equivalents with UNL’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of UNL’s custodian, however, could result in a substantial loss of UNL’s assets. USCF invests a portion of UNL’s cash in money market funds that seek to maintain a stable per share NAV. UNL is exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2016 and December 31, 2015, UNL held investments in money market funds in the amounts of $ 5,000,000 4,500,000 10,760,822 11,042,106 For derivatives, risks arise from changes in the market value of the contracts. Theoretically, UNL is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, UNL pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. UNL’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, UNL has a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. The financial instruments held by UNL are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights [Abstract] | |
Financial Highlights | NOTE 6 - FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. Year Ended Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Per Share Operating Performance: Net asset value, beginning of year $ 9.72 $ 13.69 $ 18.32 Total income (loss) 2.12 (3.86) (4.33) Net expenses (0.09) (0.11) (0.30) Net increase (decrease) in net asset value 2.03 (3.97) (4.63) Net asset value, end of year $ 11.75 $ 9.72 $ 13.69 Total Return 20.88 % (29.00) % (25.27) % Ratios to Average Net Assets Total income (loss) 21.94 % (27.80) % (19.76) % Management fees 0.75 % 0.75 % 0.75 % Total expenses excluding management fees 0.90 % 0.71 % 0.85 % Expenses waived (0.75) % (0.56) % (0.67) % Net expenses excluding management fees 0.15 % 0.15 % 0.18 % Net income (loss) 21.04 % (28.70) % (20.70) % Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UNL. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 7 - QUARTERLY FINANCIAL DATA (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2016 2016 2016 Total income (loss) $ (1,337,347) $ 2,659,703 $ (673,185) $ 2,343,019 Total expenses 50,619 53,295 61,441 59,503 Expense waivers (23,616) (24,115) (28,986) (25,375) Net expenses 27,003 29,180 32,455 34,128 Net income (loss) $ (1,364,350) $ 2,630,523 $ (705,640) $ 2,308,891 Net income (loss) per share $ (0.98) $ 1.90 $ (0.50) $ 1.61 First Quarter Second Quarter Third Quarter Fourth Quarter 2015 2015 2015 2015 Total income (loss) $ (1,302,350) $ 668,831 $ (1,873,104) $ (1,899,092) Total expenses 56,985 64,099 57,295 53,441 Expense waivers (17,835) (23,928) (23,085) (24,274) Net expenses 39,150 40,171 34,210 29,167 Net income (loss) $ (1,341,500) $ 628,660 $ (1,907,314) $ (1,928,259) Net income (loss) per share $ (1.09) $ 0.22 $ (1.54) $ (1.56) |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS UNL values its investments in accordance with Accounting Standards Codification 820 Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of UNL (observable inputs) and (2) UNL’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I Quoted prices (unadjusted) in active markets for identical Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar Level III Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. At December 31, 2016 Total Level I Level II Level III Short-Term Investments $ 11,292,035 $ 11,292,035 $ $ Exchange-Traded Futures Contracts United States Contracts 2,796,004 2,796,004 During the year ended December 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of UNL’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 8,495,184 $ 8,495,184 $ $ Exchange-Traded Futures Contracts United States Contracts (2,421,976) (2,421,976) During the year ended December 31, 2015, there were no transfers between Level I and Level II. Effective January 1, 2009, UNL adopted the provisions of Accounting Standards Codification 815 Derivatives and Hedging (“ASC 815”), which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Statements of Derivatives not Accounted Financial Condition Fair Value At Fair Value At for as Hedging Instruments Location December 31, 2016 December 31, 2015 Futures - Commodity Contracts Assets $ 2,796,004 $ (2,421,976) For the year ended For the year ended For the year ended December 31, 2016 December 31, 2015 December 31, 2014 Change in Change in Change in Location of Realized Unrealized Realized Unrealized Realized Unrealized Gain Gain Gain Gain Gain Gain Gain Derivatives not (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on Accounted Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives for as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (2,271,270) $ (6,916,714) $ 2,205,950 Change in unrealized gain (loss) on open positions $ 5,217,980 $ 2,497,914 $ (6,009,940) |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-14, Revenue from Contracts with Customers, modifying ASU 2014-09. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 is effective for fiscal years beginning on or after December 15, 2016, and interim periods within those annual periods. Early application is permitted. At this time, management does not believe there will be any impact to the Fund’s financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 - SUBSEQUENT EVENTS UNL has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL is an investment company and follows the accounting and reporting guidance in FASB Topic 946. |
Revenue Recognition | Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UNL earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. |
Income Taxes | Income Taxes UNL is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, UNL is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. UNL files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UNL is not subject to income tax return examinations by major taxing authorities for years before 2013. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in UNL recording a tax liability that reduces net assets. However, UNL’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. UNL recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2016. |
Creations and Redemptions | Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UNL receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNL’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UNL a transaction fee of $ 350 |
Partnership Capital and Allocation of Partnership Income and Losses | Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of UNL in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. |
Calculation of Per Share Net Asset Value (“NAV”) | Calculation of Per Share Net Asset Value (“NAV”) UNL’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. UNL uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2016. |
Offering Costs | Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNL. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted. |
Cash Equivalents | Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. |
Reclassification | Reclassification Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
CONTRACTS AND AGREEMENTS (Table
CONTRACTS AND AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Contracts and Agreements [Abstract] | |
Brokerage Commissions | UNL also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or short term obligations of the United States of two years or less (“Treasuries”). For the Year For the Year For the Year Ended Ended Ended December 31, December 31, December 31, 2016 2015 2014 Total commissions accrued to brokers $ 3,451 $ 6,117 $ 3,918 Total commissions as annualized percentage of average total net assets 0.03 % 0.04 % 0.02 % Commissions accrued as a result of rebalancing $ 3,305 $ 4,698 $ 2,126 Percentage of commissions accrued as a result of rebalancing 95.77 % 76.80 % 54.26 % Commissions accrued as a result of creation and redemption activity $ 146 $ 1,419 $ 1,792 Percentage of commissions accrued as a result of creation and redemption activity 4.23 % 23.20 % 45.74 % |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights [Abstract] | |
Per Unit Performance Data and Other Supplemental Financial Data | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. Year Ended Year Ended Year Ended December 31, December 31, December 31, 2016 2015 2014 Per Share Operating Performance: Net asset value, beginning of year $ 9.72 $ 13.69 $ 18.32 Total income (loss) 2.12 (3.86) (4.33) Net expenses (0.09) (0.11) (0.30) Net increase (decrease) in net asset value 2.03 (3.97) (4.63) Net asset value, end of year $ 11.75 $ 9.72 $ 13.69 Total Return 20.88 % (29.00) % (25.27) % Ratios to Average Net Assets Total income (loss) 21.94 % (27.80) % (19.76) % Management fees 0.75 % 0.75 % 0.75 % Total expenses excluding management fees 0.90 % 0.71 % 0.85 % Expenses waived (0.75) % (0.56) % (0.67) % Net expenses excluding management fees 0.15 % 0.15 % 0.18 % Net income (loss) 21.04 % (28.70) % (20.70) % |
QUARTERLY FINANCIAL DATA (Una22
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2016 and 2015. First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2016 2016 2016 Total income (loss) $ (1,337,347) $ 2,659,703 $ (673,185) $ 2,343,019 Total expenses 50,619 53,295 61,441 59,503 Expense waivers (23,616) (24,115) (28,986) (25,375) Net expenses 27,003 29,180 32,455 34,128 Net income (loss) $ (1,364,350) $ 2,630,523 $ (705,640) $ 2,308,891 Net income (loss) per share $ (0.98) $ 1.90 $ (0.50) $ 1.61 First Quarter Second Quarter Third Quarter Fourth Quarter 2015 2015 2015 2015 Total income (loss) $ (1,302,350) $ 668,831 $ (1,873,104) $ (1,899,092) Total expenses 56,985 64,099 57,295 53,441 Expense waivers (17,835) (23,928) (23,085) (24,274) Net expenses 39,150 40,171 34,210 29,167 Net income (loss) $ (1,341,500) $ 628,660 $ (1,907,314) $ (1,928,259) Net income (loss) per share $ (1.09) $ 0.22 $ (1.54) $ (1.56) |
FAIR VALUE OF FINANCIAL INSTR23
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Valuation of Securities Using the Fair Value Hierarchy | The following table summarizes the valuation of UNL’s securities at December 31, 2016 using the fair value hierarchy: At December 31, 2016 Total Level I Level II Level III Short-Term Investments $ 11,292,035 $ 11,292,035 $ $ Exchange-Traded Futures Contracts United States Contracts 2,796,004 2,796,004 During the year ended December 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of UNL’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 8,495,184 $ 8,495,184 $ $ Exchange-Traded Futures Contracts United States Contracts (2,421,976) (2,421,976) |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments Statements of Derivatives not Accounted Financial Condition Fair Value At Fair Value At for as Hedging Instruments Location December 31, 2016 December 31, 2015 Futures - Commodity Contracts Assets $ 2,796,004 $ (2,421,976) |
Effect of Derivative Instruments on the Condensed Statements of Operations | The Effect of Derivative Instruments on the Statements of Operations For the year ended For the year ended For the year ended December 31, 2016 December 31, 2015 December 31, 2014 Change in Change in Change in Location of Realized Unrealized Realized Unrealized Realized Unrealized Gain Gain Gain Gain Gain Gain Gain Derivatives not (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on (Loss) on Accounted Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives for as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (2,271,270) $ (6,916,714) $ 2,205,950 Change in unrealized gain (loss) on open positions $ 5,217,980 $ 2,497,914 $ (6,009,940) |
ORGANIZATION AND BUSINESS (Addi
ORGANIZATION AND BUSINESS (Additional Information) (Details) | 1 Months Ended | |||||
Nov. 30, 2009 | Nov. 18, 2009USD ($)$ / sharesshares | Dec. 31, 2016$ / shares$ / Units | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2013$ / shares | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | 350 | |||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 30,000,000 | |||||
Net asset value per share | $ / shares | $ 50 | $ 11.75 | $ 9.72 | $ 13.69 | $ 18.32 | |
Number of units issued | shares | 200,000 | |||||
Value of unit issued | $ | $ 10,000,000 | |||||
Commenced investment operations date | Nov. 18, 2009 | |||||
Number of registered units | 30,000,000 | |||||
Derivative, Number of Instruments Held | 454 | |||||
Creation Baskets [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||
Number of units per basket | 50,000 | |||||
Prior To July 1, 2011 [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | 1,000 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) | Dec. 31, 2016$ / Units |
Significant Accounting Policies [Line Items] | |
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | 350 |
Redemption Baskets [Member] | |
Significant Accounting Policies [Line Items] | |
Number of units per basket | 50,000 |
FEES PAID BY THE FUND AND REL26
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS - (Additional Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
USCF Management Fee | UNL is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75% per annum of average daily total net assets | ||||||||||
Estimated directors fees and expenses | $ 2,888 | $ 3,140 | $ 6,009 | ||||||||
Assets basis for determining fee percentage | on all net assets | ||||||||||
Licensing fee incurred | $ 2,046 | 2,377 | 2,879 | ||||||||
Expense waiver (Note 3) | $ (25,375) | $ (28,986) | $ (24,115) | $ (23,616) | $ (24,274) | $ (23,085) | $ (23,928) | $ (17,835) | $ 102,092 | 89,122 | 128,906 |
Licensing Agreements [Member] | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Fee percentage | 0.015% | ||||||||||
Future Period - for the year ending December 31, 2016 [Member] | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Estimated investor tax reporting cost | $ 76,000 | 86,000 | $ 86,000 | ||||||||
Future Period - for the year ending December 31, 2016 [Member] | Maximum [Member] | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Costs and expenses annual limit for reimbursement | 0.15% | ||||||||||
UNL [Member] | Related Public Funds [Member] | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Estimated directors fees and expenses | $ 582,050 | $ 569,303 |
CONTRACTS AND AGREEMENTS (Broke
CONTRACTS AND AGREEMENTS (Brokerage Commissions) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total commissions accrued to brokers | $ 3,451 | $ 6,117 | $ 3,918 |
Total commissions as annualized percentage of average total net assets | 0.03% | 0.04% | 0.02% |
Rebalancing Investments Transaction [Member] | |||
Total commissions accrued to brokers | $ 3,305 | $ 4,698 | $ 2,126 |
Total commissions as annualized percentage of average total net assets | 95.77% | 76.80% | 54.26% |
Creation And Redemption Activity [Member] | |||
Total commissions accrued to brokers | $ 146 | $ 1,419 | $ 1,792 |
Total commissions as annualized percentage of average total net assets | 4.23% | 23.20% | 45.74% |
CONTRACTS AND AGREEMENTS (Addit
CONTRACTS AND AGREEMENTS (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / Units | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Annual Fee for transfer agency services | $ 20,000 |
Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Transaction fees per transaction | $ 15 |
Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts | $ / Units | 8 |
Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Annual Fee for custody, fund accounting and fund administration services | $ 75,000 |
Transaction fees per transaction | $ 7 |
Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts | $ / Units | 7 |
first $500 million of the Related Public Funds' combined net assets [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.06% |
first $500 million of the Related Public Funds' combined net assets [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 500,000,000 |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.0465% |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 1,000,000,000 |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 500,000,000 |
Related Public Funds' combined net assets exceed $1 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.035% |
Related Public Funds' combined net assets exceed $1 billion [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 1,000,000,000 |
Marketing Agent And Affliate Of Uscf [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Maximum Aggregate Compensation Paid For Distribution Related Services | 10.00% |
Marketing Agreement [Member] | UNL's assets up to $3 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.06% |
Base amount for determining fee percentage | $ 3,000,000,000 |
Marketing Agreement [Member] | UNL's assets in excess of $3 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.04% |
Base amount for determining fee percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA29
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Additional Information) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items] | ||
Cash investments in money market funds | $ 5,000,000 | $ 4,500,000 |
Deposits in domestic and foreign financial institutions | $ 10,760,822 | $ 11,042,106 |
FINANCIAL HIGHLIGHTS (Per Unit
FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Per Share Operating Performance: | |||
Net asset value, beginning of year | $ 9.72 | $ 13.69 | $ 18.32 |
Total income (loss) | 2.12 | (3.86) | (4.33) |
Net expenses | (0.09) | (0.11) | (0.30) |
Net increase (decrease) in net asset value | 2.03 | (3.97) | (4.63) |
Net asset value, end of year | $ 11.75 | $ 9.72 | $ 13.69 |
Total Return | 20.88% | (29.00%) | (25.27%) |
Ratios to Average Net Assets | |||
Total income (loss) | 21.94% | (27.80%) | (19.76%) |
Management fees | 0.75% | 0.75% | 0.75% |
Total expenses excluding management fees | 0.90% | 0.71% | 0.85% |
Expenses waived | (0.75%) | (0.56%) | (0.67%) |
Net expenses excluding management fees | 0.15% | 0.15% | 0.18% |
Net income (loss) | 21.04% | (28.70%) | (20.70%) |
QUARTERLY FINANCIAL DATA (Una31
QUARTERLY FINANCIAL DATA (Unaudited) (Quarterly Financial Information Presents The Results Of Operations) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Line Items] | |||||||||||
Total income (loss) | $ 2,343,019 | $ (673,185) | $ 2,659,703 | $ (1,337,347) | $ (1,899,092) | $ (1,873,104) | $ 668,831 | $ (1,302,350) | $ 2,992,190 | $ (4,405,715) | $ (3,793,304) |
Total expenses | 59,503 | 61,441 | 53,295 | 50,619 | 53,441 | 57,295 | 64,099 | 56,985 | 224,858 | 231,820 | 307,583 |
Expense waivers | (25,375) | (28,986) | (24,115) | (23,616) | (24,274) | (23,085) | (23,928) | (17,835) | 102,092 | 89,122 | 128,906 |
Net expenses | 34,128 | 32,455 | 29,180 | 27,003 | 29,167 | 34,210 | 40,171 | 39,150 | 122,766 | 142,698 | 178,677 |
Net income (loss) | $ 2,308,891 | $ (705,640) | $ 2,630,523 | $ (1,364,350) | $ (1,928,259) | $ (1,907,314) | $ 628,660 | $ (1,341,500) | $ 2,869,424 | $ (4,548,413) | $ (3,971,981) |
Net income (loss) per share | $ 1.61 | $ (0.50) | $ 1.9 | $ (0.98) | $ (1.56) | $ (1.54) | $ 0.22 | $ (1.09) | $ 2.03 | $ (3.97) | $ (4.63) |
FAIR VALUE OF FINANCIAL INSTR32
FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 11,292,035 | $ 8,495,184 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 11,292,035 | 8,495,184 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Contracts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 2,796,004 | (2,421,976) |
United States Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 2,796,004 | (2,421,976) |
United States Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR33
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value of Derivative Instruments) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Commodity Contracts [Member] | Futures [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not Accounted for as Hedging Instruments | $ 2,796,004 | $ (2,421,976) |
FAIR VALUE OF FINANCIAL INSTR34
FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on Condensed Statements of Operations) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives Recognized in Income | $ (2,271,270) | $ (6,916,714) | $ 2,205,950 |
Change in Unrealized Gain on (Loss) on Derivatives Recognized in Income | 5,217,980 | 2,497,914 | (6,009,940) |
Commodity Contracts [Member] | Futures [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain on (Loss) on Derivatives Recognized in Income | 5,217,980 | 2,497,914 | (6,009,940) |
Commodity Contracts [Member] | Futures [Member] | Realized gain on closed positions | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives Recognized in Income | $ (2,271,270) | $ (6,916,714) | $ 2,205,950 |