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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2024

Total

Level I

Level II

Level III

Short-Term Investments

​

$

19,630,000

​

$

19,630,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

​

5,077,980

​

​

5,077,980

​

​

—

​

​

—

​

The following table summarizes the valuation of USL’s securities at December 31, 2023 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

Total

Level I

Level II

Level III

Short-Term Investments

​

$

22,130,000

​

$

22,130,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

​

(2,062,789)

​

​

(2,062,789)

​

​

—

​

​

—

Schedule of 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		2024			2023
Futures — Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts	​	$	5,077,980	​	$	(2,062,789)

Schedule of effect of derivative instruments

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the three months ended

​

​

​

​

March 31, 2024

​

March 31, 2023

​

​

​

​

​

​

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 commodity futures contracts

​

$

469,217

​

​

​

​

$

(2,085,450)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open commodity futures contracts

​

​

​

​

$

7,140,769

​

​

​

​

$

(2,231,840)

​

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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

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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