XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.3

Derivative Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

		September 30, 2024								December 31, 2023
Risk Exposure/Derivative Type (a)		Assets				Liabilities				Assets				Liabilities
Commodity risk
Commodity Futures Contracts		$	51,783,948			$	(22,898,448	)		$	15,443,843			$	(32,743,090	)

(a)Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the September 30, 2024 and December 31, 2023 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

			For the Three Months Ended
	Location of Gain (Loss) on Derivatives		September 30,
Risk Exposure/Derivative Type	Recognized in Income		2024				2023
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)		$	(33,542,099	)		$	12,986,866
	Net Change in Unrealized Gain (Loss)			85,256,092				(9,017,234	)
Total			$	51,713,993			$	3,969,632

			For the Nine Months Ended
	Location of Gain (Loss) on Derivatives		September 30,
Risk Exposure/Derivative Type	Recognized in Income		2024				2023
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)		$	91,999,404			$	31,335,023
	Net Change in Unrealized Gain (Loss)			46,184,747				(8,085,031	)
Total			$	138,184,151			$	23,249,992

The table below summarizes the average monthly notional value of futures contracts held during the period:

		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Average Notional Value		$	706,911,949			$	834,991,570			$	730,235,371			$	903,993,000

X

- References

No definition available.

+ Details

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

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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

+ Details

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