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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2012
Fair Value of Financial Instruments [Abstract] |
Valuation of Securities Using the Fair Value Hierarchy | The following table summarizes the valuation of US12NG’s securities at September 30, 2012 using the fair value hierarchy:
At September 30, 2012 |  | Total |  |  | Level I |  |  | Level II |  |  | Level III |
Short-Term Investments |  | $ | 23,521,154 |  |  | $ | 23,521,154 |  |  | $ | — |  |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 2,965,180 |  |  |  | 2,965,180 |  |  |  | — |  |  |  | — |
During the nine months ended September 30, 2012, there were no transfers between Level I and Level II. The following table summarizes the valuation of US12NG’s securities at December 31, 2011 using the fair value hierarchy:
At December 31, 2011 |  | Total |  |  | Level I |  |  | Level II |  |  | Level III |
Short-Term Investments |  | $ | 12,278,369 |  |  | $ | 12,278,369 |  |  | $ | — |  |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | (8,583,320 | ) |  |  | (8,583,320 | ) |  |  | — |  |  |  | — |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments
Derivatives not Accounted for as Hedging Instruments |  | Condensed Statements of Financial Condition Location |  | Fair Value At September 30, 2012 |  |  | Fair Value At December 31, 2011 |
Futures - Commodity Contracts |  | Assets |  | $ | 2,965,180 |  |  | $ | (8,583,320 | )
Effect of Derivative Instruments on the Condensed Statements of Operations | Fair Value of Derivative Instruments
Derivatives not Accounted for as Hedging Instruments |  | Condensed Statements of Financial Condition Location |  | Fair Value At September 30, 2012 |  |  | Fair Value At December 31, 2011 |
Futures - Commodity Contracts |  | Assets |  | $ | 2,965,180 |  |  | $ | (8,583,320 | )
The Effect of Derivative Instruments on the Condensed Statements of Operations
|  |  |  | For the nine months ended September 30, 2012 |  |  | For the nine months ended September 30, 2011 |
Derivatives not Accounted for as Hedging Instruments |  | Location of Gain or (Loss) on Derivatives Recognized in Income |  | Realized Gain or (Loss) on Derivatives Recognized in Income |  |  | Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income |  |  | Realized Gain or (Loss) on Derivatives Recognized in Income |  |  | Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income |
Futures - Commodity Contracts |  | Realized loss on closed positions |  | $ | (12,562,600 | ) |  |  |  |  |  | $ | (4,175,800 | ) |  |  |  |
|  | Change in unrealized gain (loss) on open positions |  |  |  |  |  | $ | 11,548,500 |  |  |  |  |  |  | $ | (3,193,030 | )

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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