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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of valuation of securities using fair value hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2024 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 70,950,000 | ​ | $ | 70,950,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
United States Contracts | ​ |  | (19,516,706) | ​ |  | (19,516,706) | ​ |  | — | ​ | ​ | —
OTC Commodity Swap Contracts | ​ | ​ | (831) | ​ | ​ | — | ​ | ​ | (831) | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | ​ | —
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 | ​ | March 31, 2024 | ​ | 2023
Futures – Commodity Contracts |  | Unrealized gain (loss) on open commodity futures contracts | ​ | $ | (19,516,706) | ​ | $ | 40,072,461
Swap – Commodity Contracts | ​ | Unrealized gain (loss) on open OTC commodity swap contracts | ​ | $ | (831) | ​ | $ | 14,903,211
Summary of the effect of derivative instruments on the statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the three months ended | ​ | For the three months ended
​ | ​ | ​ | ​ | March 31, 2024 | ​ | March 31, 2023
​ | ​ | ​ | ​ | Realized Gain | ​ | Change in | ​ | ​ | ​ | Change in
​ | ​ | ​ | ​ | (Loss) on | ​ | Unrealized | ​ | Realized Gain | ​ | Unrealized
Derivatives not | ​ | ​ | ​ | Derivatives | ​ | Gain (Loss) on | ​ | (Loss) in | ​ | Gain (Loss) on
Accounted for as | ​ | Location of Gain (Loss) | ​ | Recognized | ​ | Derivatives | ​ | Derivatives | ​ | Derivatives
Hedging | ​ | on Derivatives | ​ | in | ​ | Recognized | ​ | Recognized | ​ | Recognized
Instruments |  | Recognized in Income |  | Income |  | in Income |  | in Income |  | in Income
Futures - Commodity Contracts | ​ | Realized gain (loss) on closed commodity futures contracts | ​ | $ | (131,322,770) | ​ | ​ | ​ | ​ | $ | (483,293,936) |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open commodity futures contracts | ​ | ​ | ​ | ​ | $ | (59,589,167) | ​ | ​ | ​ | ​ | $ | 62,259,521
OTC Swap - Commodity Contracts | ​ | Realized gain (loss) on closed OTC commodity swap contracts | ​ | $ | 33,968,121 | ​ | ​ | ​ | ​ | $ | (31,523,321) | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open OTC commodity swap contracts | ​ | ​ | ​ | ​ | $ | (14,904,042) | ​ | ​ | ​ | ​ | $ | (2,004)
​

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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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