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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021 using the fair value hierarchy:

At December 31, 2021

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

91,796,000

$

91,796,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

19,648,030

 

19,648,030

 

 

The following table summarizes the valuation of USL’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

20,196,000

$

20,196,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

36,882,450

 

36,882,450

 

 

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Statements of

Fair Value at

Fair Value at

Financial

December 31, 

December 31,

Derivatives not Accounted for as Hedging Instruments

    

Condition Location

    

2021

    

2020

Futures - Commodity Contracts

 

Assets

$

19,648,030

$

36,882,450

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, 2021

December 31, 2020

December 31, 2019

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

in Derivatives

Derivatives

in 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

$

112,107,560

$

76,578,011

$

(5,665,084)

Change in unrealized gain (loss) on open positions

$

(17,234,420)

$

33,279,859

$

19,374,784