United States Gasoline Fund recorded a net loss of $2,181,560 for June, cutting net asset value to $107,685,563 and per‑share NAV to $102.56. The loss stems from a $26,158,479 realized futures trading deficit partially offset by a $23,759,066 unrealized gain, underscoring commodity price volatility that investors must monitor.

Key Highlights

  • Net loss of $2,181,560 drove month‑end NAV to $107,685,563 and NAV per share to $102.56.
  • Realized trading loss on commodity futures amounted to $26,158,479, while unrealized gains added $23,759,066.
  • Total expenses rose to $97,858, led by $55,768 in management fees.
  • Share price has shown significant appreciation year‑to‑date.

United States Gasoline Fund, LP posted a June net loss of $2,181,560, trimming its net asset value to $107,685,563 and reducing the per‑share NAV to $102.56. The loss reflects a heavy $26,158,479 realized trading deficit on commodity futures, only partially cushioned by a $23,759,066 unrealized gain. Share price has shown significant appreciation year‑to‑date, underscoring market confidence despite the NAV contraction.

Loss Details and NAV Impact

The June statement shows a net income shortfall of $2,181,560 after accounting for $2,083,702 total income (loss) and $97,858 in expenses. Management fees of $55,768, professional fees of $32,836, brokerage commissions of $5,849, Insurance 2,011 and License Fees 1,394 comprise the expense lineup. Beginning‑month NAV stood at $125,741,686; withdrawals of 150,000 shares, equating to $15,874,563, further eroded the asset base.

The resulting end‑month NAV of $107,685,563 reflects a sizable contraction, signaling that the fund’s cash flow is tightly linked to commodity market swings.

Commodity Futures Mechanics

Realized trading losses dominate the income picture, with a $26,158,479 shortfall on commodity futures contracts offset by a $23,759,066 unrealized gain on market‑value adjustments. Dividend income contributed $233,689, while interest income added $81,322; however, these modest inflows could not offset the large trading deficit. The fund also incurred additional transaction costs associated with maintaining exposure to gasoline futures.

Such dynamics illustrate how volatile futures pricing can swing a fund’s profitability, especially when realized positions move against the fund’s direction.

Market Performance Context

Despite the NAV dip, the fund’s share price has risen markedly, reflecting investor enthusiasm for its gasoline exposure. This juxtaposition of strong equity performance against a declining NAV suggests that market participants are rewarding the fund’s strategic position, even as underlying asset values shrink. The disparity highlights the importance of distinguishing between share price momentum and the fund’s intrinsic value when evaluating investment merit.

Next Catalyst: August Monthly Statement

Investors will closely watch the forthcoming August monthly account statement, which will disclose whether the fund’s commodity position can reverse the recent losses. The outcome will determine if the fund can sustain its impressive share price rally amidst ongoing commodity volatility.

Analysis based on the Form 8-K filed 29 July 2026; figures verified against the filing and live market data.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.