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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USO’s securities at September 30, 2021 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2021

Total

Level I

Level II

Level III

Short-Term Investments

​

$

1,620,534,000

​

$

1,620,534,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

327,533,253

​

327,533,253

​

—

​

—

​

The following table summarizes the valuation of USO’s securities at December 31, 2020 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2020

Total

Level I

Level II

Level III

Short-Term Investments

​

$

418,534,000

​

$

418,534,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

401,443,958

​

401,443,958

​

—

​

—

Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

​

​	​	​	​	​	​	​	​	​
​		​		​	​		​	​
​		Condensed Statements of		Fair Value			Fair Value
​	​	Financial	​	at September 30,		​	at December 31,
Derivatives not Accounted for as Hedging Instruments	​	Condition Location	​	2021		​	2020
Futures - Commodity Contracts		Assets	​	$	327,533,253	​	$	401,443,958

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended

​

For the nine months ended

​

​

​

​

September 30, 2021

​

September 30, 2020

​

​

​

​

​

​

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

​

in 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 positions

​

$

1,601,968,924

​

​

​

​

$

(2,508,492,651)

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

$

(73,910,705)

​

​

$

59,173,693

X

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008

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- References

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- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-URI http://asc.fasb.org/topic&trid=2155941

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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