UNITED STATES
SECURITIES AND EXCHANGE COMMISION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2025
UNITED STATES NATURAL GAS FUND, LP
(Exact name of registrant as specified in its charter)
| Delaware | 001-33096 | 20-5576760 |
| (State or other jurisdiction
of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
1850 Mt. Diablo Boulevard, Suite 640
Walnut Creek, California 94596
| (510) 522-9600 | (Address of principal executive offices) (Zip Code) | |
| Registrant’s telephone number, | ||
| including area code |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered: | ||
| Shares of United States Natural Gas Fund, LP | UNG | NYSE Arca, Inc. |
Item 7.01. Regulation FD Disclosure.
On April 28, 2025, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended March 31, 2025, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the monthly account statement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant’s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED STATES NATURAL GAS FUND, LP | |||
| By: | United States Commodity Funds LLC, its general partner | ||
| Date: | April 28, 2025 | By: | /s/ Stuart P. Crumbaugh |
| Name: | Stuart P. Crumbaugh | ||
| Title: | Chief Financial Officer | ||
Exhibit 99.1
United States Natural Gas Fund, LP
Monthly Account Statement
For the Month Ended March 31, 2025
| Statement of Income (Loss) | ||||
| Income | ||||
| Realized Trading Gain (Loss) on Commodity Futures | $ | 9,731,883 | ||
| Realized Gain (Loss) on Swap Contracts | 11,501,791 | |||
| Unrealized Gain (Loss) on Market Value of Commodity Futures | 5,124,205 | |||
| Unrealized gain (loss) on Fair Value of Swap Contracts | 293 | |||
| Dividend Income | 474,953 | |||
| Interest Income | 811,342 | |||
| ETF Transaction Fees | 21,000 | |||
| Total Income (Loss) | $ | 27,665,467 | ||
| Expenses | ||||
| General Partner Management Fees | $ | 223,369 | ||
| Professional Fees | 156,502 | |||
| Brokerage Commissions | 44,961 | |||
| Directors' Fees and insurance | 5,951 | |||
| License fees | 5,585 | |||
| SEC & FINRA Registration Expense | 14,655 | |||
| Total Expenses | $ | 451,023 | ||
| Net Income (Loss) | $ | 27,214,444 | ||
| Statement of Changes in Net Asset Value | ||||
| Net Asset Value Beginning of Month 3/1/25 | $ | 411,681,693 | ||
| Additions (4,000,000 Shares) | 88,265,475 | |||
| Withdrawals ((4,700,000) Shares) | (106,234,735 | ) | ||
| Net Income (Loss) | 27,214,444 | |||
| Net Asset Value End of Month | $ | 420,926,877 | ||
| Net Asset Value Per Share (19,546,103 Shares) | $ | 21.54 | ||
To the Limited Partners of United States Natural Gas Fund, LP:
Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended March 31, 2025 is accurate and complete.
| /s/ Stuart P. Crumbaugh | |
| Stuart P. Crumbaugh | |
| Chief Financial Officer |
United States Commodity Funds LLC, General Partner of United States Natural Gas Fund, LP
United States Commodity Funds LLC
1850 Mt. Diablo Boulevard, Suite 640
Walnut Creek, CA 94596