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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of valuation of securities using fair value hierarchy

At June 30, 2023

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

223,950,000

$

223,950,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

53,165,845

 

53,165,845

 

 

OTC Commodity Swap Contracts

 

29,567,013

 

29,567,013

 

 

At December 31, 2022

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

317,800,000

$

317,800,000

$

$

Exchange-Traded Futures Contracts

 

 

 

  

 

  

United States Contracts

 

(144,765,937)

 

(144,765,937)

 

 

Summary of fair value of derivative instruments

    

Condensed

    

    

Statements of

Financial

Fair Value at

Condition

Fair Value at

December 31, 

Derivatives not Accounted for as Hedging Instruments

Location

June 30, 2023

2022

Futures - Commodity Contracts

 

Assets

$

53,165,845

$

(144,765,937)

Swap - Commodity Contracts

Liabilities

$

29,567,013

$

Summary of the effect of derivative instruments on the statements of operations

For the six months ended

For the six months ended

June 30, 2023

June 30, 2022

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Derivatives not

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

Accounted for as

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Hedging Instruments

    

Income

    

Income

    

Income

    

Income

    

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(538,592,729)

$

293,316,560

 

  

Change in unrealized gain (loss) on open positions

$

197,931,782

$

(136,245,613)

OTC Swap - Commodity Contracts

Realized gain (loss) on closed positions

$

(40,961,739)

$

Change in unrealized gain (loss) on open positions

$

29,567,013

$