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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2014
Fair Value Disclosures [Abstract] |
Valuation of Securities Using Fair Value Hierarchy | The following table summarizes the valuation of BNO’s securities at March 31, 2014 using the fair value hierarchy:
At March 31, 2014 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 11,010,647 |  | $ | 11,010,647 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts Foreign Contracts |  |  | (247,600) |  |  | (247,600) |  |  | — |  |  | — |
During the three months ended March 31, 2014, there were no transfers between Level I and Level II. The following table summarizes the valuation of BNO’s securities at December 31, 2013 using the fair value hierarchy:
At December 31, 2013 |  | Total |  | Level I |  | Level II |  | Level III |
Short-Term Investments |  | $ | 12,010,110 |  | $ | 12,010,110 |  | $ | — |  | $ | — |
Exchange-Traded Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Contracts |  |  | 28,670 |  |  | 28,670 |  |  | — |  |  | — |
During the year ended December 31, 2013, there were no transfers between Level I and Level II.
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments
Derivatives not Accounted for as Hedging Instruments |  | Condensed Statements of Financial Condition Location |  | Fair Value At March 31, 2014 |  | Fair Value At December 31, 2013 |
Futures - Commodity Contracts |  | Assets |  | $ | (247,600) |  | $ | 28,670 |
Effect of Derivative Instruments on Condensed Statements of Operations | The Effect of Derivative Instruments on the Condensed Statements of Operations
|  |  |  | For the three months ended March 31, 2014 |  | For the three months ended March 31, 2013 |
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 |  | $ | (98,080) |  |  |  |  | $ | 1,440,840 |  |  |  |
|  | Change in unrealized loss on open positions |  |  |  |  | $ | (276,270) |  |  |  |  | $ | (662,270) |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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