XML 37 R23.htm IDEA: XBRL DOCUMENT v3.23.3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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)

​

​

​

​

$

—

​

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration