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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 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 September 30, 2020 using the fair value hierarchy:

At September 30, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

20,196,000

$

20,196,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

37,172,030

 

37,172,030

 

 

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 September 30, 

at  December 31, 

Derivatives not Accounted for as Hedging Instruments

    

Condition Location

    

2020

    

2019

Futures - Commodity Contracts

 

Assets

$

37,172,030

$

3,602,591

Schedule of effect of derivative instruments

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

For the nine months ended

September 30, 2020

September 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

$

49,901,670

$

(4,026,962)

Change in unrealized gain (loss) on open positions

$

33,569,439

$

10,893,372