<SEC-DOCUMENT>0001171200-21-000399.txt : 20211201
<SEC-HEADER>0001171200-21-000399.hdr.sgml : 20211201
<ACCEPTANCE-DATETIME>20211201170623
ACCESSION NUMBER:		0001171200-21-000399
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211201
DATE AS OF CHANGE:		20211201

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:		211463814

	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>i21646_ung-424b3.htm
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<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)<BR>
File No. 333-230255</B></P>

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<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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated December 1, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to<BR>
Prospectus dated April 28, 2021</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 28, 2021 (the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="text-indent: 0.5in; 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">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; text-align: justify; text-indent: 37.4pt"><I></I></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0"><B>Macquarie Bank Limited to Serve as a Swaps Counterparty for UNG</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: justify">On November 30, 2021, United States Natural Gas Fund,
LP entered into an International Swaps and Derivatives Association, Inc. (&ldquo;ISDA&rdquo;) 2002 Master Agreement (the &ldquo;Agreement&rdquo;)
with Macquarie Bank Limited, pursuant to which Macquarie Bank has agreed to serve as an over-the-counter (&ldquo;OTC&rdquo;) swaps counterparty
for United States Natural Gas Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 0">In light of the foregoing,
the Prospectus is revised as follows:&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is added to page
39 of the Prospectus, immediately before the subheading &ldquo;UNG&rsquo;s Fees and Expenses&rdquo;:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 30, 2021, UNG entered into an ISDA 2002
Master Agreement (the &ldquo;Macquarie ISDA&rdquo;) with Macquarie Bank Limited, pursuant to which Macquarie Bank Limited has agreed to
serve as an over-the-counter (&ldquo;OTC&rdquo;) swaps counterparty for UNG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: justify">Macquarie Bank Limited&rsquo;s principal address is
Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD, England. Macquarie Bank Limited is registered with the CFTC as a swap dealer.
As of the date hereof, Macquarie Bank Limited has no material litigation to disclose as that term is defined under the CEA and regulations
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: justify">Macquarie Bank Limited is not affiliated with UNG
or USCF. Therefore, neither USCF nor UNG believes that there will be any conflicts of interest with Macquarie Bank Limited or its trading
principals arising from Macquarie Bank Limited acting as an OTC swaps counterparty to UNG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: justify">The Macquarie ISDA provides UNG the ability to invest
in OTC swaps in furtherance of its investment objective by providing it with investment flexibility in light of market conditions, liquidity,
regulatory requirements, and risk diversification. UNG may enter into OTC swap transactions with Macquarie under the Macquarie ISDA in
light of the foregoing. UNG&rsquo;s OTC swap transactions outstanding under the Macquarie ISDA, along with UNG&rsquo;s other holdings,
will be published on UNG&rsquo;s webpage, www.uscfinvestments.com.</P>

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