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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2017
Fair Value Of Financial Instruments [Abstract] |
Valuation of Securities Using the Fair Value Hierarchy | The following table summarizes the valuation of UNL’s securities at June 30, 2017 using the fair value hierarchy:
At June 30, 2017 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 9,087,304 |  | $ | 9,087,304 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | (313,469) |  |  | (313,469) |  |  | — |  |  | — |
During the six months ended June 30, 2017, there were no transfers between Level I and Level II. The following table summarizes the valuation of UNL’s securities at December 31, 2016 using the fair value hierarchy:
At December 31, 2016 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 11,292,035 |  | $ | 11,292,035 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 2,796,004 |  |  | 2,796,004 |  |  | — |  |  | — |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments
|  | Condensed |  |  |  |  |  |
Derivatives not Accounted for |  | Statements of Financial |  | Fair Value |  |  | Fair Value |
as Hedging Instruments |  | Condition Location |  | At June 30, 2017 |  |  | At December 31, 2016 |
Futures - Commodity Contracts |  | Assets |  | $ | (313,469) |  |  | $ | 2,796,004 |
Effect of Derivative Instruments on the Condensed Statements of Operations | The Effect of Derivative Instruments on the Condensed Statements of Operations
|  |  |  | For the six months ended |  | For the six months ended |
|  |  |  | June 30, 2017 |  | June 30, 2016 |
|  |  |  | Realized |  | Change in |  | Realized |  | Change in |
|  | Location of |  | Gain |  | Unrealized |  | Gain |  | Unrealized |
Derivatives not |  | Gain (Loss) on |  | (Loss) on |  | Gain (Loss) on |  | (Loss) on |  | Gain (Loss) on |
Accounted for |  | Derivatives |  | Derivatives |  | Derivatives |  | Derivatives |  | Derivatives |
as Hedging |  | Recognized |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |
Instruments |  | in Income |  | Income |  | Income |  | Income |  | Income |
Futures – Commodity Contracts |  | Realized gain (loss) on closed positions |  | $ | 656,563 |  |  |  |  | $ | (2,576,807) |  |  |  |
|  | Change in unrealized gain (loss) on open positions |  |  |  |  | $ | (3,109,473) |  |  |  |  | $ | 3,879,007 |

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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 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: 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=84234895&loc=SL5618551-113959 + 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 Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
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