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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2014
Valuation of Securities Using Fair Value Hierarchy | The following table summarizes the valuation of USL’s securities at March 31, 2014 using the fair value hierarchy:
At March 31, 2014 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 38,155,982 |  | $ | 38,155,982 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 2,748,660 |  |  | 2,748,660 |  |  | — |  |  | — |
During the three months ended March 31, 2014, there were no transfers between Level I and Level II. The following table summarizes the valuation of USL’s securities at December 31, 2013 using the fair value hierarchy:
At December 31, 2013 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 59,154,742 |  | $ | 59,154,742 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 1,642,450 |  |  | 1,642,450 |  |  | — |  |  | — |
During the year ended December 31, 2013, there were no transfers between Level I and Level II.
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments
|  | Condensed |  |  |  |  |  |  |
Derivatives not Accounted |  | Statements of Financial |  | Fair Value |  | Fair Value |
for as Hedging Instruments |  | Condition Location |  | At March 31, 2014 |  | At December 31, 2013 |
Futures - Commodity Contracts |  | Assets |  | $ | 2,748,660 |  | $ | 1,642,450 |
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, 2014 |  | March 31, 2013 |
|  |  |  |  |  |  | Change in |  |  |  |  | Change in |
|  | Location of |  | Realized |  | Unrealized |  | Realized |  | Unrealized |
Derivatives not |  | Gain or (Loss) |  | Gain or (Loss) |  | Gain or (Loss) |  | Gain or (Loss) |  | Gain or (Loss) |
Accounted for |  | on Derivatives |  | on Derivatives |  | on Derivatives |  | on Derivatives |  | on Derivatives |
as Hedging |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |
Instruments |  | Income |  | Income |  | Income |  | Income |  | Income |
Futures – Commodity Contracts |  | Realized gain on closed positions |  | $ | 525,150 |  |  |  |  | $ | 1,165,190 |  |  |  |
|  | Change in unrealized gain on open positions |  |  |  |  | $ | 1,106,210 |  |  |  |  | $ | 2,312,560 |

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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 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + 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 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: 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=7476318&loc=SL5624171-113959 + 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=7476318&loc=SL5624163-113959 + Details
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