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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of UNL's securities using the fair value hierarchy

At December 31, 2023

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

11,000,000

$

11,000,000

$

$

Exchange-Traded Futures Contracts

 

 

 

 

  

United States Contracts

 

(4,450,405)

 

(4,450,405)

 

 

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)

 

 

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

    

2023

    

2022

Futures - Commodity Contracts

 

Unrealized gain (loss) on open commodity futures contracts

$

(4,450,405)

$

(8,419,740)

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,

2023

2022

2021

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 commodity futures contracts

$

(17,944,426)

$

12,345,209

 

  

$

2,685,138

 

  

 

Change in unrealized gain (loss) on open commodity futures contracts

$

3,969,335

$

(8,968,249)

$

570,473