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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2022 using the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At September 30, 2022 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 35,775,000 | ​ | $ | 35,775,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
United States Contracts | ​ |  | (9,413,270) | ​ |  | (9,413,270) | ​ |  | — | ​ |  | —
​ 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Condensed | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Statements of | ​ | Fair Value at | ​ | Fair Value at
​ | ​ | Financial | ​ | September 30, | ​ | December 31,
Derivatives not Accounted for as Hedging Instruments |  | Condition Location |  | 2022 |  | 2021
Futures - Commodity Contracts |  | Assets | ​ | $ | (9,413,270) | ​ | $ | 19,648,030
Schedule of effect of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the nine months ended | ​ | For the nine months ended
​ | ​ | ​ | ​ | September 30, 2022 | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ | on 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 | ​ | $ | 58,948,700 | ​ | ​ | ​ | ​ | $ | 93,465,600 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open positions | ​ | ​ | ​ | ​ | $ | (29,061,300) | ​ | ​ | ​ | ​ | $ | (3,118,050)

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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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References No definition available. + Details
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