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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of valuation of securities using fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

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At December 31, 2023

Total

Level I

Level II

Level III

Short-Term Investments

​

$

70,950,000

​

$

70,950,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

40,072,461

​

40,072,461

​

—

​

—

OTC Commodity Swap Contracts

​

​

14,903,211

​

​

—

​

​

14,903,211

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​	​	​	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​		Financial		Fair Value at			Fair Value at
​	​	Condition	​	December 31,		​	December 31,
Derivatives not Accounted for as Hedging Instruments	​	Location	​	2023		​	2022
Futures - Commodity Contracts	​	Unrealized gain (loss) on open commodity futures contracts	​	$	40,072,461	​	$	(144,765,937)
Swap - Commodity Contracts	​	Unrealized gain (loss) on open OTC commodity swap contracts	​	$	14,903,211	​	$	—

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

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For the year ended

​

For the year ended

​

For the year ended

​

​

​

​

December 31, 2023

​

December 31, 2022

​

December 31, 2021

​

​

​

​

Change in

​

​

Change in

​

​

​

Change in

​

​

Location of

​

Realized

​

Unrealized

​

Realized

​

Unrealized

​

Realized

​

Unrealized

​

​

Gain (Loss)

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Gain (Loss)

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Gain (Loss) on

​

Gain (Loss)

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Gain (Loss) on

​

Gain (Loss)

​

Gain (Loss) on

Derivatives not

​

on Derivatives

​

on Derivatives

​

Derivatives

​

on Derivatives

​

Derivatives

​

on Derivatives

​

Derivatives

Accounted for as

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

Hedging Instruments

​

Income

​

Income

​

Income

​

Income

​

Income

​

Income

Income

Futures - Commodity Contracts

​

Realized gain (loss) on closed commodity futures contracts

​

$

(762,934,486)

​

​

​

$

218,669,630

​

​

​

$

6,104,950

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Change in unrealized gain (loss) on open commodity futures contracts

​

​

​

​

$

184,838,398

​

​

​

​

$

(146,128,350)

​

​

​

​

$

15,817,312

OTC Swap - Commodity Contracts

​

Realized gain (loss) on closed OTC commodity swap contracts

​

$

(144,572,961)

​

​

​

​

$

—

​

​

​

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open OTC commodity swap contracts

​

​

​

​

$

14,903,211

​

​

​

​

$

—

​

​

​

​

$

—

​

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

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-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

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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

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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.

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-Topic 815
-SubTopic 10
-Section 50
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