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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

The following table summarizes the valuation of USBO’s securities at June 30, 2012 using the fair value hierarchy:

At June 30, 2012		Total				Level I				Level II				Level III
Short-Term Investments		$	39,349,534			$	39,349,534			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(568,660	)			(568,660	)			—				—

The following table summarizes the valuation of USBO’s securities at December 31, 2011 using the fair value hierarchy: 

At December 31, 2011		Total				Level I				Level II				Level III
Short-Term Investments		$	19,346,002			$	19,346,002			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(916,570	)			(916,570	)			—				—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location				Fair Value At June 30, 2012				Fair Value At December 31, 2011
Futures - Commodity Contracts			Assets			$	(568,660	)		$	(916,570	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The Effect of Derivative Instruments on the Condensed Statements of Operations

				For the six months ended June 30, 2012								For the six months ended June 30, 2011
Derivatives not Accounted for as Hedging Instruments		Location of Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income				Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income				Realized Gain or (Loss) on Derivatives Recognized in Income				Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
Futures – Commodity Contracts		Realized gain (loss) on closed positions		$	(3,492,540	)						$	5,967,540
		Change in unrealized gain (loss) on open positions						$	347,910							$	(936,770	)

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Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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