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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2020
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, 2020 using the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At June 30, 2020 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 246,565,462 |  | $ | 246,565,462 | ​ | $ | — |  | $ | —
Exchange-Traded Futures Contracts | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
United States Contracts | ​ |  | 66,376,630 | ​ |  | 66,376,630 | ​ |  | — | ​ |  | —
​ 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 | ​ | ​ | — | ​ | ​ | —
Schedule of fair value of derivative instruments | Fair Value of Derivative Instruments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Condensed | ​ | ​ | ​ |  | ​ | ​
​ | ​ | Statements of | ​ | Fair Value | ​ | Fair Value
​ | ​ | Financial | ​ | at June 30, | ​ | at December 31,
Derivatives not Accounted for as Hedging Instruments |  | Condition Location |  | 2020 |  | 2019
Futures - Commodity Contracts |  | Assets | ​ | $ | 66,376,630 |  | $ | 3,602,591
​ |  |  | ​ |  |  | ​ |  |
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, 2020 | ​ | June 30, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | ​ | ​ |  | Change in
​ | ​ | Location of | ​ | Realized | ​ | Unrealized | ​ | Realized | ​ | Unrealized
​ | ​ | Gain (Loss) | ​ | gain (Loss) | ​ | Gain (Loss) on | ​ | Gain (Loss) | ​ | Gain (Loss) on
​ | ​ | on Derivatives | ​ | on Derivatives | ​ | Derivatives | ​ | in Derivatives | ​ | Derivatives
​ | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in
Derivatives not Accounted for as Hedging Instruments |  | Income |  | Income |  | Income |  | Income |  | Income
Futures - Commodity Contracts |  | Realized gain (loss) on closed positions | ​ | $ | 10,650,520 | ​ | ​ | ​ |  | $ | (1,925,589) |  | ​ |
​ |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
​ |  | Change in unrealized gain (loss) on open positions | ​ |  |  |  | $ | 62,774,039 |  | ​ | ​ |  | $ | 13,130,099

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + 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/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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