XML 37 R22.htm IDEA: XBRL DOCUMENT v3.22.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of securities using fair value hierarchy

​

The following table summarizes the valuation of USO’s securities at June 30, 2022 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At June 30, 2022

Total

Level I

Level II

Level III

Short-Term Investments

​

$

1,434,600,000

​

$

1,434,600,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

44,958,530

​

44,958,530

​

—

​

—

OTC Commodity Swap Contracts

​

​

(2,396)

​

​

—

​

​

(2,396)

​

​

—

​

The following table summarizes the valuation of USO’s securities at December 31, 2021 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2021

Total

Level I

Level II

Level III

Short-Term Investments

​

$

1,544,534,000

​

$

1,544,534,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

114,437,224

​

114,437,224

​

—

​

—

​

Schedule fair value of derivative instruments

Fair Value of Derivative Instruments

​

​	​	​	​	​	​	​	​	​
​		​		​	​		​	​
​		Condensed Statements of		Fair Value			Fair Value
​	​	Financial	​	at June 30,		​	at December 31,
Derivatives not Accounted for as Hedging Instruments	​	Condition Location	​	2022		​	2021
Futures - Commodity Contracts		Assets	​	$	44,958,530	​	$	114,437,224
Swap - Commodity Contracts	​	Liabilities	​	$	(2,396)	​	$	—

Schedule of derivative instruments on the 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, 2022

​

June 30, 2021

​

​

​

​

​

​

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

​

$

1,108,359,853

​

​

​

​

$

1,313,768,002

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

$

(69,478,694)

​

​

$

74,340,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OTC Swap - Commodity Contracts

​

Realized gain (loss) on closed positions

​

$

32,677,694

​

​

​

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

​

​

$

(2,396)

​

​

​

​

$

—

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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/topic&trid=2155941

+ Details

Name:	us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration