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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of UNL's securities using the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2022

Total

Level I

Level II

Level III

Short-Term Investments

​

$

22,000,000

​

$

22,000,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

(8,419,740)

​

(8,419,740)

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2021

Total

Level I

Level II

Level III

Short-Term Investments

​

$

14,000,000

​

$

14,000,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

548,509

​

548,509

​

—

​

—

​

Schedule of fair value of derivative instruments

​

​	​	​	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	Fair Value at		​	Fair Value at
​		Condition		December 31,			December 31,
Derivatives not Accounted for as Hedging Instruments		Location		2022			2021
Futures - Commodity Contracts		Assets	​	$	(8,419,740)	​	$	548,509

​

Schedule of effect of derivative instruments on the statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended

For the year ended

For the year ended

​

​

​

​

December 31,

​

December 31,

​

December 31,

​

​

​

​

2022

​

2021

​

2020

​

​

​

​

​

​

Change in

​

​

​

Change in

​

​

​

Change in

​

​

​

Unrealized

Realized

Unrealized

Realized

Unrealized

Derivatives

​

Location of

​

Realized

​

Gain

​

Gain

​

Gain

​

Gain

​

Gain

not

​

Gain (Loss)

​

Gain (Loss) on

​

(Loss) on

​

(Loss) on

​

(Loss) on

​

(Loss) on

​

(Loss) on

Accounted

​

on

​

Derivatives

​

Derivatives

​

Derivatives

​

Derivatives

​

Derivatives

​

Derivatives

for as

​

Derivatives

​

Recognized

​

Recognized

​

Recognized

​

Recognized

​

Recognized

​

Recognized

Hedging

​

Recognized

​

in

​

in

​

in

​

in

​

in

​

in

Instruments

in Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

​

$

12,345,209

​

​

​

​

$

2,685,138

​

​

$

(608,115)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

​

​

$

(8,968,249)

​

​

​

​

$

570,473

​

​

​

​

$

413,714

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.

+ References

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-Topic 820
-SubTopic 10
-Section 50
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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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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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