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Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of BNO’s securities at September 30, 2014 using the fair value hierarchy:

At September 30, 2014		Total			Level I			Level II			Level III
Short-Term Investments		$	33,007,719		$	33,007,719		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(3,006,530)			(3,006,530)			—			—

During the nine months ended September 30, 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		Condensed Statements
Accounted for as		of Financial Condition		Fair Value			Fair Value
Hedging Instruments		Location		At September 30, 2014			At December 31, 2013
Futures - Commodity Contracts		Assets		$	(3,006,530)		$	28,670

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

For the nine months ended

September 30, 2014

September 30, 2013

Change in

Change in

Realized

Unrealized

Realized

Unrealized

Derivatives not

Location of Gain

Loss on

Loss on

Gain on

Loss on

Accounted for as

or (Loss)on Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

Hedging

Recognized in

Recognized

Recognized in

Recognized

Recognized in

Instruments

Income

in Income

Income

in Income

Income

Futures – Commodity Contracts

Realized gain (loss) on closed positions

$

(4,181,120)

$

3,812,980

Change in unrealized loss on open positions

$

(3,035,200)

$

(2,378,680)

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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=36462937&loc=d3e19279-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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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

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=35706170&loc=SL5618551-113959



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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

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