<SEC-DOCUMENT>0001171200-22-000197.txt : 20220524
<SEC-HEADER>0001171200-22-000197.hdr.sgml : 20220524
<ACCEPTANCE-DATETIME>20220408170748
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171200-22-000197
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220408

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:		CORRESP

	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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    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt"><FONT STYLE="font-size: 10pt">Eversheds
                                         Sutherland (US) LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.1pt"><FONT STYLE="font-size: 10pt">700 Sixth Street,
        NW, Suite 700</FONT><br>
        <FONT STYLE="font-size: 10pt">Washington, DC 20001-3980</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.1pt"><FONT STYLE="font-size: 10pt">D: (202) 383.0262</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.1pt"><FONT STYLE="font-size: 10pt">F: (202) 637.3593</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.1pt"><FONT STYLE="font-size: 10pt">OwenPinkerton@eversheds-sutherland.us</FONT></P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">April 8, 2022</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Via EDGAR</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Eric Envall</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">United States Securities and Exchange
Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Washington, DC 20549-4561</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>United
                                            States Natural Gas Fund, LP</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Amendment
No. 1 to Registration Statement on Form S-3 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Filed March
18, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Registration
Statement on Form S-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Filed March
15, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>File No. 333-263570</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">Dear
Mr. Envall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On behalf of United States Natural
Gas Fund, LP (the &ldquo;<B><I>Fund</I></B>&rdquo;), set forth below are the Fund&rsquo;s responses to the comments provided by
the staff of the Division of Corporation Finance (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<B><I>Commission</I></B>) in that certain letter dated March 30, 2022, relating to the above referenced Registration
Statement (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). The Staff&rsquo;s comment are set forth below in italics,
followed by the Fund&rsquo;s responses. We are concurrently submitting via EDGAR this letter and an amendment to the Registration
Statement (&ldquo;<B><I>Amendment No. 2</I></B>&rdquo;). For the Staff&rsquo;s reference, we have included both a clean copy of
Amendment No. 2 and a copy marked to show all changes from the version filed on March 15, 2022.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><U>Form S-3 Filed March 15, 2022</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><U>UNG's Investment Objective and
Strategy, page 1</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Please
                                         describe the impact of Russia&rsquo;s invasion of the Ukraine on your investment objective
                                         and strategy. In addition to the general impact, please also consider the impact supply
                                         chain issues may have, any impact from sanctions and export controls, and whether you
                                         will need to evaluate any aspects of your investment objective and strategy. If you do
                                         not expect the impact to be material, please discuss why.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Response</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund acknowledges the Staff&rsquo;s comment and advises the Staff that, while Russia&rsquo;s invasion of Ukraine has impacted
the price of natural gas and futures contracts tied to natural gas prices, it has not materially impacted the ability of the Fund
to achieve its investment objective. The Fund&rsquo;s investment objective is for the daily changes in percentage terms of its
shares&rsquo; per share net asset value (&ldquo;NAV&rdquo;) to reflect the daily changes in percentage terms of the price of natural
gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the price of the futures contract for natural gas
traded on the New York Mercantile Exchange (&ldquo;NYMEX&rdquo;), which is the &ldquo;Benchmark Futures Contract&rdquo;, plus
interest earned on the Fund&rsquo;s collateral holdings, less its expenses. United States Commodity Funds, LLC, the Fund&rsquo;s
general partner (&ldquo;USCF&rdquo;), believes that the war in Ukraine has raised concerns among investors that a global natural
gas supply shortage is possible, particularly if Russia reduces or cuts supply to Europe. Natural gas prices in the United States,
however, have historically been driven by domestic supply and demand and have not been impacted by the war in Ukraine to the same
degree as prices of natural gas in Europe, where Russia is a significant exporter of natural gas. USCF believes that domestic
supply and demand of natural gas are likely to remain the dominant influences on prices in the U.S., while extraordinary international
events will influence volatility and price direction at times. The Fund&rsquo;s investment objective relates to tracking price
movements in the Benchmark Futures Contract, which tracks the spot prices of natural gas delivered to Henry Hub, Louisiana. As
a result, its ability to achieve its investment objective has not been materially impacted, and the Fund has no plans to make
any material changes to its investment strategy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Fund has included additional disclosure regarding the natural gas market and the impact Russia&rsquo;s invasion of Ukraine has
had on natural gas prices and the futures markets in response to the Staff&rsquo;s comment below. USCF continues to monitor the
war in Ukraine and the resulting impact it has on the Fund&rsquo;s ability to continue to achieve its investment objective.</FONT></P>

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

<P STYLE="margin: 0; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Eversheds Sutherland
(US) LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland.
For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><IMG SRC="i22242001.jpg" ALT="">&nbsp;</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: right"><FONT STYLE="font-size: 10pt">April 8, 2022</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">Page 2</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Investment
Risk</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Russia's
invasion of Ukraine, and sanctions brought by the United States and other countries against Russia, page 8</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Please
                                         place the impacts of current geopolitical events on the natural gas market in context
                                         by quantifying, to the extent information is available, natural gas prices, the price
                                         of any natural gas futures contracts, the extent to which the natural gas futures market
                                         is experiencing backwardation, the price of your shares, and the increased trading volume
                                         of natural gas futures and your shares as of the most recent practicable date.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Response</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has included revised disclosure on pages 8, 11 and 27-28 of Amendment No. 2 in response to the Staff&rsquo;s comment.
Specifically, the Fund has revised its disclosure to provide additional information as to the primary drivers of price movements
in the U.S. As noted in response to Comment No. 1, domestic supply and demand of natural gas are the dominant influences on prices
of natural gas in the U.S. The Fund has also included disclosure related to the current period of backwardation in the natural
gas futures market, noting that there was a spike in backwardation in late January 2022 that reflected the reaction of futures
prices to extreme weather, which pre-dated but has been exacerbated by the war in Ukraine. While the war in Ukraine has driven
up U.S. prices, volatility in the U.S. has been considerably lower than that experienced by the benchmark European natural gas
futures contract, which rapidly tripled in price before falling back to a level that was closer to but still notably higher than
U.S. prices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If you
have any questions about the foregoing, please do not hesitate to contact me at (202) 383-0262 or Raymond A. Ramirez at (202)
383-0868.</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Owen J. Pinkerton</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Owen J. Pinkerton, a partner</FONT></TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-weight: normal">cc:</FONT></TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James M. Cain, Esq.</FONT></TD>
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-weight: normal">Raymond A. Ramirez,
    Esq.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Daphne G. Frydman, Esq.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
