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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Valuation of Securities Using Fair Value Hierarchy | The following table summarizes the valuation of USL’s securities at September 30, 2016 using the fair value hierarchy:
At September 30, 2016 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 104,928,345 |  | $ | 104,928,345 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 10,033,578 |  |  | 10,033,578 |  |  | — |  |  | — |
During the nine months ended September 30, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of USL’s securities at December 31, 2015 using the fair value hierarchy:
At December 31, 2015 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 52,963,042 |  | $ | 52,963,042 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | (19,971,629) |  |  | (19,971,629) |  |  | — |  |  | — |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments
|  | Condensed |  | Fair Value |  | Fair Value |
Derivatives not Accounted |  | Statements of Financial |  | At September |  | At December |
for as Hedging Instruments |  | Condition Location |  | 30, 2016 |  | 31, 2015 |
Futures - Commodity Contracts |  | Assets |  | $ | 10,033,578 |  | $ | (19,971,629) |
Effect of Derivative Instruments on the Statements of Operations | The Effect of Derivative Instruments on the Condensed Statements of Operations
|  |  |  | For the nine months ended |  | For the nine months ended |
|  |  |  | September 30, 2016 |  | September 30, 2015 |
|  |  |  |  |  | Change in |  |  |  | Change in |
|  | Location of |  | Realized |  | Unrealized |  | Realized |  | Unrealized |
Derivatives not |  | Gain (Loss) |  | Gain (Loss) |  | Gain (Loss) |  | Gain (Loss) |  | Gain (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 (loss) on closed contracts |  | $ | (11,487,686) |  |  |  |  | $ | (19,494,981) |  |  |  |
|  | Change in unrealized gain (loss) on open contracts |  |  |  |  | $ | 30,005,207 |  |  |  |  | $ | 4,104,681 |

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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=66048111&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 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: 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=66048111&loc=d3e19190-110258 + 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 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: 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=64837297&loc=SL5618551-113959 + 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=64837297&loc=SL5624163-113959 + Details
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