United States Natural Gas Fund, LP Reports Strong Net Income and Stable Asset Growth in March 2026

Key Highlights from the March 2026 Monthly Statement:

• Net Income for March 2026: \$8.76 million
• Net Asset Value (NAV) at Month-End: \$443.84 million
• Net Asset Value Per Share: \$11.70
• Significant Fluctuations in Swap Contract Gains/Losses
• ETF Share Activity: 6.4 million shares added, 6.3 million shares withdrawn

Detailed Financial Performance

The United States Natural Gas Fund, LP (“UNG”) released its monthly account statement for the period ended March 31, 2026, revealing strong financial performance in several key areas. The fund reported a net income of \$8,762,506 for the month, driven by a combination of realized and unrealized gains on commodity futures and swap contracts, as well as steady dividend and interest income.

Income Breakdown

• Realized Trading Gain on Commodity Futures: \$5,180,340
• Realized Loss on Swap Contracts: (\$23,678,615)
• Unrealized Gain on Market Value of Commodity Futures: \$1,120,029
• Unrealized Gain on Fair Value of Swap Contracts: \$25,286,783
• Dividend Income: \$923,391
• Interest Income: \$362,035
• ETF Transaction Fees: \$8,050
• Total Income: \$9,202,013

Investors should note the large swings in swap contract values—while realized losses on swap contracts were significant at nearly \$23.7 million, this was more than offset by unrealized gains of \$25.3 million, highlighting the volatility and potential for future NAV adjustments depending on market conditions.

Expense Overview

• General Partner Management Fees: \$239,127
• Professional Fees: \$96,509
• Brokerage Commissions: \$86,147
• Directors’ Fees and Insurance: \$11,746
• License Fees: \$5,978
• Total Expenses: \$439,507

Net Income after Expenses: \$8,762,506

Net Asset Value (NAV) Changes

• NAV at March 1, 2026: \$435,400,532
• Additions (6,400,000 shares): \$77,629,018
• Withdrawals (6,300,000 shares): (\$77,950,922)
• Net Income: \$8,762,506
• NAV at March 31, 2026: \$443,841,134
• Shares Outstanding: 37,946,103
• NAV Per Share: \$11.70

The NAV per share increased modestly, reflecting strong net income despite significant share issuance and redemptions. The fund’s NAV growth may be attractive to investors seeking exposure to natural gas price movements.

Price-Sensitive Considerations for Investors

• Volatile Swap Contract Performance: The fund’s results were heavily influenced by large realized losses and even larger unrealized gains on swap contracts. These swings may lead to future volatility in income and NAV, depending on market movements.
• Active Share Issuance and Redemption: The near parity in additions and withdrawals (over 6 million shares each) suggests active trading and investor repositioning, which could impact supply and demand dynamics for UNG shares.
• Solid Core Income: With consistent dividend and interest income, the fund demonstrates stability in its base earnings, which supports its capacity to weather market volatility.

Investors should monitor ongoing swap contract exposures and changes in shares outstanding, as these may significantly affect future performance and share value.

Certification and Management Statement

The report was certified by Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the general partner of UNG, indicating the accuracy and completeness of the financial information presented for March 2026.

Conclusion

The March 2026 statement from United States Natural Gas Fund, LP demonstrates a robust month, with strong net income and a stable NAV per share. However, the fund’s exposure to volatile swap contracts and the active share base could introduce future price sensitivity. Investors are advised to closely watch future statements for ongoing volatility and NAV developments.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should carefully review all available documents and consult with a professional financial advisor before making any investment decisions. The performance of UNG may fluctuate and past performance is not indicative of future results.

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