XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.19.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of valuation of securities using fair value hierarchy | The following table summarizes the valuation of USL’s securities at June 30, 2019 using the fair value hierarchy:
At June 30, 2019 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments |  | $ | 51,778,873 |  | $ | 51,778,873 |  | $ | — |  | $ | —
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | (2,642,094) |  |  | (2,642,094) |  |  | — |  |  | —
During the six months ended June 30, 2019, there were no transfers between Level I and Level II. The following table summarizes the valuation of USL’s securities at December 31, 2018 using the fair value hierarchy:
At December 31, 2018 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments |  | $ | 46,760,361 |  | $ | 46,760,361 |  | $ | — |  | $ | —
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | (15,772,193) |  |  | (15,772,193) |  |  | — |  |  | —
Schedule of fair value of derivative instruments | Fair Value of Derivative Instruments
Derivatives not |  | Condensed |  |  |  |  |  |
Accounted for |  | Statements of |  | Fair Value |  | Fair Value
as Hedging |  | Financial |  | At June 30, |  | At December 31,
Instruments |  | Condition Location |  | 2019 |  | 2018
Futures - Commodity Contracts |  | Assets |  | $ | (2,642,094) |  | $ | (15,772,193)
Schedule of effect of derivative instruments | The Effect of Derivative Instruments on the Condensed Statements of Operations
|  |  |  | For the six months ended |  | For the six months ended
|  |  |  | June 30, 2019 |  | June 30, 2018
|  |  |  |  |  |  | Change in |  |  |  |  | Change in
|  | Location of |  | Realized |  | Unrealized |  | Realized |  | Unrealized
Derivatives not |  | Gain (Loss) |  | Gain (Loss) |  | Gain (Loss) on |  | Gain (Loss) |  | Gain (Loss) on
Accounted for |  | on Derivatives |  | on Derivatives |  | Derivatives |  | on Derivatives |  | 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 positions |  | $ | (1,925,589) |  |  |  |  | $ | 10,264,256 |  |  |
|  | Change in unrealized gain (loss) on open positions |  |  |  |  | $ | 13,130,099 |  |  |  |  | $ | 5,462,074

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration