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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of USO's Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of UNL’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020		Total			Level I			Level II			Level III
Short-Term Investments		$	1,000,000		$	1,000,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(21,964)			(21,964)			—			—

The following table summarizes the valuation of UNL’s securities at December 31, 2019 using the fair value hierarchy:

At December 31, 2019		Total			Level I			Level II			Level III
Short-Term Investments		$	3,289,117		$	3,289,117		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(435,678)			(435,678)			—			—

Schedule of Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not
Accounted for				Fair Value			Fair Value
as Hedging		Statements of Financial		at December 31,			at December 31,
Instruments		Condition Location		2020			2019
Futures - Commodity Contracts		Assets		$	(21,964)		$	(435,678)

Schedule of Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended

For the year ended

For the year ended

December 31, 2020

December 31, 2019

December 31, 2018

Change in

Change in

Change in

Derivatives

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

not Accounted

Gain (Loss)

gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

for as

on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

in Derivatives

Derivatives

Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(608,115)

$

(479,014)

$

(11,739)

Change in unrealized gain (loss) on open positions

$

413,714

$

(389,575)

$

522,819

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.

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