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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USL’s securities at December 31, 2016 using the fair value hierarchy:

At December 31, 2016		Total			Level I			Level II			Level III
Short-Term Investments		$	106,896,715		$	106,896,715		$	-		$	-
Exchange-Traded Futures Contracts
United States Contracts			17,277,775			17,277,775			-			-

During the year ended December 31, 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

Derivatives not Accounted		Statements of Financial		Fair Value at			Fair Value at
for as Hedging Instruments		Condition Location		December 31, 2016			December 31, 2015
Futures - Commodity Contracts		Assets		$	17,277,775		$	(19,971,629)

Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended

For the year ended

For the year ended

December 31, 2016

December 31, 2015

December 31, 2014

Change in

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

Gain (Loss)

Gain

Gain

Gain

Gain

Gain

Gain

Derivatives not

on

(Loss) on

(Loss) on

(Loss) on

(Loss) on

(Loss) on

(Loss) on

Accounted for as

Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

Hedging

Recognized

Recognized

Recognized

Recognized

Recognized

Recognized

Recognized

Instruments

in Income

in Income

in Income

in Income

in Income

in Income

in Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(7,435,894)

$

(24,569,061)

$

402,190

Change in unrealized gain (loss) on open positions

$

37,249,404

$

(2,875,569)

$

(18,738,510)

X

- References

No definition available.

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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

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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/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

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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

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