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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of valuation of securities using fair value hierarchy

At March 31, 2023

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

195,450,000

$

195,450,000

$

$

Exchange-Traded Futures Contracts

 

 

 

  

 

  

United States Contracts

 

(14,154,681)

 

(14,154,681)

 

 

OTC Commodity Swap Contracts

(1,951)

(1,951)

At December 31, 2022

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

856,400,000

$

856,400,000

$

$

Exchange-Traded Futures Contracts

 

 

 

  

 

  

United States Contracts

 

22,185,936

 

22,185,936

 

 

OTC Commodity Swap Contracts

(4,145)

(4,145)

Summary of fair value of derivative instruments

    

Condensed

    

    

    

Statements of

    

    

Financial

Condition

Fair Value at

Fair Value at

Derivatives not Accounted for as Hedging Instruments

Location

March 31, 2023

December 31, 2022

Futures - Commodity Contracts

 

Assets

$

(14,154,681)

$

22,185,936

Swap - Commodity Contracts

Liabilities

$

(1,951)

$

(4,145)

Summary of derivative instruments on the statements of operations

For the three months ended

For the three months ended

March 31, 2023

March 31, 2022

Change in

Change in

Location of Gain

Realized Gain

Unrealized Gain

Realized Gain

Unrealized Gain

Derivatives not

(Loss) on

(Loss) on

(Loss) on

(Loss) in

(Loss) on

Accounted for as

Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

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

$

(29,687,453)

$

636,420,317

 

  

 

  

 

  

 

  

 

  

 

Change in unrealized gain (loss) on open positions

 

  

$

(36,340,617)

 

  

$

154,902,602

OTC Swap - Commodity Contracts

Realized gain (loss) on closed positions

$

(17,423,934)

$

31,522,990

Change in unrealized gain (loss) on open positions

$

2,194

$

(1,287)