<SEC-DOCUMENT>0001171200-20-000377.txt : 20200602
<SEC-HEADER>0001171200-20-000377.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200601203053
ACCESSION NUMBER:		0001171200-20-000377
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001376227
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				205576760
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230255
		FILM NUMBER:		20935389

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		510-522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	United States Gas Fund LP
		DATE OF NAME CHANGE:	20060922
</SEC-HEADER>
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<TYPE>424B3
<SEQUENCE>1
<FILENAME>i20366_ung-424b3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Filed pursuant to
Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>File No. 333-230255</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES NATURAL GAS FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated June 2, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Prospectus dated April 24, 2020</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36.55pt">This supplement contains information that
amends, supplements or modifies certain information contained in the prospectus of United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;)
dated April 24, 2020 (the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.4pt">You should carefully read the Prospectus and
this supplement before investing. This supplement should be read in conjunction with the Prospectus. <I>You should also carefully
consider the &ldquo;Risk Factors&rdquo; beginning on page 4 of the Prospectus before you decide to invest.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The RCG Division of Marex Spectron to Serve as a Futures
Commission Merchant for UNG</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 28, 2020, UNG entered
into a Commodity Futures Customer Agreement with RCG Division of Marex Spectron (&ldquo;RCG&rdquo;) to serve as an additional futures
commission merchant for UNG. UNG&rsquo;s relationship with RBC Capital Markets, LLC will remain in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In light of the foregoing,
the section entitled &ldquo;Futures Commission Merchant&rdquo; beginning on page 31 of the Prospectus is revised as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The section title is revised to be in the plural and will therefore
read as &ldquo;Futures Commission Merchants&rdquo;;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following sub-heading is added immediately after the title &ldquo;Futures
Commission Merchants&rdquo;, in italics: RBC Capital Markets, LLC</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following text is added at the end of the section:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>RCG Division of Marex Spectron</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 28, 2020, UNG entered
into a Commodity Futures Customer Agreement with RCG Division of Marex Spectron (&ldquo;RCG&rdquo;) to serve as a FCM for UNG.
This agreement requires RCG to provide services to UNG in connection with the purchase and sale of Oil Futures Contracts and other
Oil-Related Investments that may be purchased or sold by or through RCG for UNG&rsquo;s account. Under this agreement, UNG pays
RCG commissions for executing and clearing trades on behalf of UNG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">RCG&rsquo;s primary address
is 360 Madison Avenue, 3<SUP>rd</SUP> Floor, New York, NY 10017. RCG is registered in the United States with FINRA as a broker-dealer
and with the CFTC as an FCM. RCG is a member of various U.S. futures and securities exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">RCG is a large
broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of RCG&rsquo;s regulators
may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with RCG with respect
to issues raised in various investigations. RCG complies fully with its regulators in all investigations which may be conducted
and in all settlements it may reach. As of the date hereof, RCG has no material litigation to disclose as that term is defined
under the U.S. Commodity Exchange Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">RCG will act only as clearing
broker for UNG and as such will be paid commissions for executing and clearing trades on behalf of UNG. RCG has not passed upon
the adequacy or accuracy of this disclosure document. RCG will not act in any supervisory capacity with respect to USCF or participate
in the management of USCF or UNG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">RCG is not affiliated
with UNG or USCF. Therefore, neither USCF nor UNG believes that there are any conflicts of interest with RCG or its trading principals
arising from its acting as UNG&rsquo;s FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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