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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of UNL's Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of UNL’s securities at March 31, 2021 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2021

Total

Level I

Level II

Level III

Short-Term Investments

$

7,000,000

​

$

7,000,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

$

(26,921)

​

$

(26,921)

​

$

—

​

$

—

​

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)

​

​

—

​

​

—

​

Schedule of Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

​

​	​	​	​	​	​	​	​	​
​	​	Condensed	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	Fair Value at		​	Fair Value at
Derivatives not Accounted for as Hedging Instruments		Condition Location		March 31, 2021			December 31, 2020
Futures - Commodity Contracts		Assets	​	$	(26,921)	​	$	(21,964)

Schedule of Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the three months ended

​

​

​

​

March 31, 2021

​

March 31, 2020

​

​

​

​

​

​

​

Change in Unrealized

​

​

​

​

Change in Unrealized

Derivatives not

​

Location of Gain

​

Realized gain (Loss)

​

Gain (Loss) on

​

Realized Gain (Loss)

​

Gain (Loss) on

Accounted for as

​

(Loss) on Derivatives

​

on Derivatives

​

Derivatives

​

in Derivatives

​

Derivatives

Hedging Instruments

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

​

$

120,097

​

​

​

$

(361,302)

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

$

(4,957)

​

​

$

33,492

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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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

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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.

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