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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2019 using the fair value hierarchy:
At December 31, 2019 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments |  | $ | 50,852,898 |  | $ | 50,852,898 |  | $ | — |  | $ | —
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |
United States Contracts |  |  | 3,602,591 |  |  | 3,602,591 |  |  | — |  |  | —
During the year ended December 31, 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 |  |  |  |  |  |  |  |
Accounted for |  |  |  | Fair Value |  | Fair Value
as Hedging |  | Statements of Financial |  | At December 31, |  | At December 31,
Instruments |  | Condition Location |  | 2019 |  | 2018
Futures - Commodity Contracts |  | Assets |  | $ | 3,602,591 |  | $ | (15,772,193)
Schedule of effect of derivative instruments | The Effect of Derivative Instruments on the Statements of Operations
|  |  |  | For the year ended |  | For the year ended |  | For the year ended
|  |  |  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017
|  |  |  |  |  | Change in |  |  |  |  | Change in |  |  |  |  | Change in
Derivatives |  | Location of |  | Realized |  | Unrealized |  | Realized |  | Unrealized |  | Realized |  | Unrealized
not Accounted |  | Gain (Loss) |  | Gain (Loss) |  | Gain (Loss) on |  | Gain (Loss) |  | Gain (Loss) on |  | Gain (Loss) |  | Gain (Loss) on
for as |  | on Derivatives |  | on Derivatives |  | Derivatives |  | on Derivatives |  | Derivatives |  | on Derivatives |  | Derivatives
Hedging |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in |  | Recognized in
Instruments |  | Income |  | Income |  | Income |  | Income |  | Income |  | Income |  | Income
Futures - Commodity Contracts |  | Realized gain (loss) on closed positions |  | $ | (5,665,084) |  |  |  |  | $ | 20,594,140 |  |  |  |  | $ | 7,967,768 |  |  |
|  | Change in unrealized gain (loss) on open positions |  |  |  |  | $ | 19,374,784 |  |  |  |  | $ | (26,844,760) |  |  |  |  | $ | (6,205,208)

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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/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
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