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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2022
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 March 31, 2022 using the fair value hierarchy:

At March 31, 2022

    

Total

    

Level I

    

Level II

   

Level III

Short-Term Investments

$

105,250,000

$

105,250,000

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

34,328,450

 

34,328,450

 

 

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

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Condensed Statements of

Fair Value at

Fair Value at

Financial

March 31, 

December 31, 

Derivatives not Accounted for as Hedging Instruments

    

Condition Location

    

2022

    

2021

Futures – Commodity Contracts

 

Assets

$

34,328,450

$

19,648,030

Schedule of effect of derivative instruments

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the three months ended

For the three months ended

March 31, 2022

March 31, 2021

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

in 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

$

27,944,910

$

33,524,450

Change in unrealized gain (loss) on open positions

$

14,680,420

$

8,340,980