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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of valuation of securities using fair value hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At September 30, 2023 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 190,950,000 | ​ | $ | 190,950,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
United States Contracts | ​ |  | (11,838,000) | ​ |  | (11,838,000) | ​ |  | — | ​ | ​ | —
OTC Commodity Swap Contracts | ​ |  | (7,028,587) | ​ |  | (7,028,587) | ​ |  | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | September 30, 2023 | ​ | 2022
Futures – Commodity Contracts |  | Liabilities | ​ | $ | (11,838,000) | ​ | $ | (144,765,937)
Swap – Commodity Contracts | ​ | Liabilities | ​ | $ | (7,028,587) | ​ | $ | —
Summary of the effect of derivative instruments on the statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the nine months ended | ​ | For the nine months ended
​ | ​ | ​ | ​ | September 30, 2023 | ​ | September 30, 2022
​ | ​ | ​ | ​ | Realized Gain | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not | ​ | ​ | ​ | (Loss) on | ​ | Change in Unrealized | ​ | ​ | ​ | Change in Unrealized
Accounted for as | ​ | Location of Gain (Loss) | ​ | Derivatives | ​ | Gain (Loss) on | ​ | Realized Gain (Loss) on | ​ | Gain (Loss) on
Hedging | ​ | on Derivatives | ​ | Recognized in | ​ | Derivatives Recognized | ​ | Derivatives Recognized | ​ | Derivatives Recognized
Instruments |  | Recognized in Income |  | Income |  | in Income |  | in Income |  | in Income
Futures - Commodity Contracts | ​ | Realized gain (loss) on closed positions | ​ | $ | (531,390,572) | ​ | ​ | ​ | ​ | $ | 373,636,810 |  | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open positions | ​ | ​ | ​ | ​ | $ | 132,927,937 | ​ | ​ | ​ | ​ | $ | (103,249,514)
OTC Swap - Commodity Contracts | ​ | Realized gain (loss) on closed positions | ​ | $ | (38,885,017) | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open positions | ​ | ​ | ​ | ​ | $ | (7,028,587) | ​ | ​ | ​ | ​ | $ | —
​

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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