XML 50 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Valuation of Securities Using Fair Value Hierarchy
The following table summarizes the valuation of USO’s securities at June 30, 2015 using the fair value hierarchy:
 
At June 30, 2015
 
Total
 
Level I
 
Level II
 
Level III
 
Short-Term Investments
 
$
1,831,601,309
 
$
1,831,601,309
 
$
—
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
(47,173,255)
 
 
(47,173,255)
 
 
—
 
 
—
 
 
During the six months ended June 30, 2015, there were no transfers between Level I and Level II.
 
The following table summarizes the valuation of USO’s securities at December 31, 2014 using the fair value hierarchy:
 
At December 31, 2014
 
Total
 
Level I
 
Level II
 
Level III
 
Short-Term Investments
 
$
581,778,927
 
$
581,778,927
 
$
—
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
(167,617,930)
 
 
(167,617,930)
 
 
—
 
 
—
 
 
During the year ended December 31, 2014, there were no transfers between Level I and Level II.
Fair Value of Derivative Instruments
Fair Value of Derivative Instruments
 
Derivatives not
 
Condensed
 
 
 
 
 
Accounted for
 
Statements of
 
 
 
 
 
as Hedging
 
Financial
 
Fair Value
 
Fair Value
 
Instruments
 
Condition Location
 
At June 30, 2015
 
At December 31, 2014
 
Futures - Commodity Contracts
 
Assets
 
$
(47,173,255)
 
$
(167,617,930)
 
Effect of Derivative Instruments on Condensed Statements of Operations
The Effect of Derivative Instruments on the Condensed Statements of Operations
 
 
 
 
 
For the six months ended
 
For the six months ended
 
 
 
 
 
June 30, 2015
 
June 30, 2014
 
 
 
 
 
 
 
Change in
 
 
 
Change in
 
 
 
Location of
 
Realized
 
Unrealized
 
Realized
 
Unrealized
 
Derivatives not
 
Gain (Loss)
 
Gain (Loss)
 
Gain (Loss) on
 
Gain (Loss)
 
Gain (Loss) on
 
Accounted for
 
on Derivatives
 
on Derivatives
 
Derivatives
 
on Derivatives
 
Derivatives
 
as Hedging
 
Recognized in
 
Recognized in
 
Recognized in
 
Recognized in
 
Recognized in
 
Instruments
 
Income
 
Income
 
Income
 
Income
 
Income
 
Futures – Commodity Contracts
 
Realized gain (loss) on closed contracts
 
$
116,003,534
 
 
 
 
$
60,350,020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on open contracts
 
 
 
 
$
120,444,675
 
 
 
 
$
3,386,840