XML 26 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net income (loss)	$ (5,217,256)us-gaap_NetIncomeLoss	$ 1,491,341us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided (used in) by operating
Decrease (increase) in commodity futures trading account - cash and cash equivalents	(1,821,701)us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities	461,250us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities
Unrealized (gain) loss on open futures contracts	(1,240,277)us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts	(1,106,210)us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts
(Increase) decrease in dividends receivable	28us-gaap_IncreaseDecreaseInDividendsReceivable	209us-gaap_IncreaseDecreaseInDividendsReceivable
(Increase) decrease in directors' fees and insurance receivable	(1,659)us-gaap_IncreaseDecreaseInDueFromOfficersAndStockholdersCurrent	(5,205)us-gaap_IncreaseDecreaseInDueFromOfficersAndStockholdersCurrent
(Increase) decrease in ETF transaction fees receivable	350us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables	350us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables
Increase (decrease) in investment payable	0us-gaap_IncreaseDecreaseInTradingLiabilities	(2,141,524)us-gaap_IncreaseDecreaseInTradingLiabilities
Increase (decrease) in professional fees payable	(100,760)usl_IncreaseDecreaseInProfessionalFeesPayable	(67,262)usl_IncreaseDecreaseInProfessionalFeesPayable
Increase (decrease) in General Partner management fees payable	19,520usl_IncreaseDecreaseManagementFeesPayable	(3,058)usl_IncreaseDecreaseManagementFeesPayable
Increase (decrease) in brokerage commissions payable	2,250us-gaap_IncreaseDecreaseInPayablesToBrokerDealers	0us-gaap_IncreaseDecreaseInPayablesToBrokerDealers
Increase (decrease) in directors' fees and insurance payable	(16)us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders	(1,062)us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders
Increase (decrease) in license fees payable	787usl_IncreaseDecreaseInLicenseFeesPayable	(468)usl_IncreaseDecreaseInLicenseFeesPayable
Net cash provided by (used in) operating activities	(8,358,734)us-gaap_NetCashProvidedByUsedInOperatingActivities	(1,371,639)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows from Financing Activities:
Addition of partnership shares	41,194,167us-gaap_ProceedsFromPartnershipContribution	0us-gaap_ProceedsFromPartnershipContribution
Redemption of partnership shares	0usl_PaymentsToPartnershipRedemption	(6,266,516)usl_PaymentsToPartnershipRedemption
Net cash provided by (used in) financing activities	41,194,167us-gaap_NetCashProvidedByUsedInFinancingActivities	(6,266,516)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net Increase (Decrease) in Cash and Cash Equivalents	32,835,433us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease	(7,638,155)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents, beginning of period	33,464,533us-gaap_CashAndCashEquivalentsAtCarryingValue	59,384,208us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents, end of period	$ 66,299,966us-gaap_CashAndCashEquivalentsAtCarryingValue	$ 51,746,053us-gaap_CashAndCashEquivalentsAtCarryingValue

X

- Details

Name:	us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3044-108585

+ Details

Name:	us-gaap_CashAndCashEquivalentsAtCarryingValue
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	instant

X

- Definition

Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450594&loc=d3e33268-110906

+ Details

Name:	us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in cash disbursements due from investments, representing the shareholders' portion of profits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInDividendsReceivable
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in current receivables (due within one year or one operating cycle) to be collected from the reporting entity's executives and owners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInDueFromOfficersAndStockholdersCurrent
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

The increase (decrease), during an accounting period, in total obligations owed to the reporting entity's executives and owners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate value of financial instruments used in operating activities, including trading securities, risk management instruments, and other short-term trading instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of obligations incurred arising from transactions with broker-dealers, such as amounts due on margin and unsettled cash transactions; includes payables to brokers, dealers and clearing organizations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInPayablesToBrokerDealers
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of trading liabilities from the reporting entity's trading activities. This include liabilities resulting from sales of assets that the reporting entity does not own and revaluation losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_IncreaseDecreaseInTradingLiabilities
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3574-108585

+ Details

Name:	us-gaap_NetCashProvidedByUsedInFinancingActivities
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Details

Name:	us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3536-108585

+ Details

Name:	us-gaap_NetCashProvidedByUsedInOperatingActivities
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688



Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913



Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5



Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name:	us-gaap_NetIncomeLoss
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

The cash inflow from the capital received in cash from a partner in a partnership during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3255-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name:	us-gaap_ProceedsFromPartnershipContribution
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of open derivatives, commodity, or energy contracts, held at each balance sheet date, that was included in earnings for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name:	us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

X

- Definition

Increase (Decrease) in License Fees Payable

+ References

No definition available.

+ Details

Name:	usl_IncreaseDecreaseInLicenseFeesPayable
Namespace Prefix:	usl_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

Increase (Decrease) In Professional Fees Payable

+ References

No definition available.

+ Details

Name:	usl_IncreaseDecreaseInProfessionalFeesPayable
Namespace Prefix:	usl_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

Increase (Decrease) Management Fees Payable

+ References

No definition available.

+ Details

Name:	usl_IncreaseDecreaseManagementFeesPayable
Namespace Prefix:	usl_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	duration

X

- Definition

Payments To Partnership Redemption

+ References

No definition available.

+ Details

Name:	usl_PaymentsToPartnershipRedemption
Namespace Prefix:	usl_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration