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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of valuation of BNO's securities using fair value hierarchy

At March 31, 2024

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

55,785,000

$

55,785,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

2,169,640

 

2,169,640

 

 

At December 31, 2023

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

76,785,000

$

76,785,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

(1,181,530)

 

(1,181,530)

 

 

Summary of fair value of derivative instruments

Condensed

Statements of 

Financial

Fair Value at

Fair Value at

Condition

March 31,

 December 31, 

Derivatives not Accounted for as Hedging Instruments

    

Location

    

2024

    

2023

Futures - Commodity Contracts

 

Unrealized gain (loss) on open commodity futures contracts

$

2,169,640

$

(1,181,530)

Summary of effect of derivative instruments on the condensed statements of operations

For the three months ended

For the three months ended

March 31, 2024

March 31, 2023

Change in Unrealized

Change in Unrealized

Derivatives not

Location of Gain

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Hedging Instruments

    

Recognized in Income

    

Recognized in Income

    

Recognized in Income

    

Recognized in Income

    

Recognized in Income

Futures - Commodity Contracts

 

Realized gain (loss) on

 

  

closed commodity futures contracts

$

15,598,410

$

(16,818,680)

Change in unrealized

gain (loss) on open

 

commodity futures contracts

$

3,351,170

$

949,560