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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2013
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 March 31, 2013 using the fair value hierarchy:

 

At March 31, 2013   Total     Level I     Level II     Level III  
Short-Term Investments   $ 22,902,282     $ 22,902,282     $ —     $ —  
Exchange-Traded Futures Contracts                                
United States Contracts     4,023,690       4,023,690       —       —  

 

During the three months ended March 31, 2013, there were no transfers between Level I and Level II.

 

The following table summarizes the valuation of US12NG’s securities at December 31, 2012 using the fair value hierarchy:

 

At December 31, 2012   Total     Level I     Level II     Level III  
Short-Term Investments   $ 23,922,430     $ 23,922,430     $ —     $ —  
Exchange-Traded Futures Contracts                                
United States Contracts     (906,580 )     (906,580 )     —       —  

 

During the year ended December 31, 2012, there were no transfers between Level I and Level II.
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 March 31, 2013		     Fair Value
At December 31, 2012		  
Futures - Commodity Contracts   Assets   $ 4,023,690     $ (906,580 )
Effect of Derivative Instruments on the Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

 

        For the three months ended
March 31, 2013		     For the three months ended
March 31, 2012		  
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 gain (loss) on closed positions   $ 245,850             $ (5,765,150 )        
                                     
    Change in unrealized gain (loss) on open positions           $ 4,930,270             $ (953,790 )