UNG on NYSE

United States Natural Gas Fund, LP

Commodity contracts brokers and dealers company, listed on NYSE (UNG). Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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TickerUNG on NYSE¹
IndustryCommodity Contracts Brokers & Dealers¹
HeadquartersWalnut Creek, California¹
Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 94596²
Filer categoryLarge accelerated filer²

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The United States Natural Gas Fund, LP (“UNG”) is a Delaware limited partnership organized on September 11, 2006. UNG maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNG is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). UNG’s shares began trading on April 18, 2007. It operates pursuant to the terms of the Fifth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).³ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

93.8%Net margin⁴

261.3%Revenue growth, 2022⁵

Where the money goes

Where each dollar of revenue went, fiscal 2022

Profit

Other costs6¢$5.0M
Profit94¢$75.0M

Out of $80.0M in revenue.⁵⁴

Where each dollar of operating cash went, fiscal 2022

Kept or used elsewhere

Kept or used elsewhere100¢$215.5M

Out of $215.5M of cash from operations.⁴

Financial statements

Revenue⁶⁵$80.0M in 2022

Net income⁶⁷⁴$75.0M in 2022

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Realized gain (loss) on closed commodity futures contracts	$138.3M	-$47.7M	-$762.9M
Realized gain (loss) on closed OTC commodity swap contracts	-$37.8M	$58.4M	-$144.6M
Change in unrealized gain (loss) on open commodity futures contracts	-$79.8M	$40.6M	$184.8M
Change in unrealized gain (loss) on open OTC commodity swap contracts	$1.3K	-$14.9M	$14.9M
Dividend income	$11.8M	$7.5M	$11.4M
Interest income	$7.6M	$31.1M	$35.3M
ETF transaction fees	$266.1K	$244.0K	$355.0K
Total Income (Loss)	$40.3M	$75.3M	-$660.7M
General Partner management fees (Note 3)	$3.1M	$4.9M	$6.3M
Professional fees	$1.6M	$2.2M	$1.2M
Brokerage commissions	$1.0M	$2.6M	$2.7M
Directors' fees and insurance	$207.3K	$277.8K	$220.7K
License fees	$78.0K	$122.2K	$156.3K
Registration fees	$85.6K	$43.5K
Total Expenses	$6.1M	$10.1M	$10.5M
Net Income (Loss)	$34.2M	$65.1M	-$671.3M
Net Income (Loss) per limited partner share	-$5	-$4	-$37
Net Income (Loss) per weighted average limited partner share	$1	$1	-$18
Weighted average limited partner shares outstanding	34.1M shares	52.0M shares	37.6M shares

Total assets¹¹⁶⁵⁷$430.7M in 2022−3% since 2019

Total liabilities¹¹⁶⁵⁷$1.3M in 2022+28% since 2019

Cash⁶⁵⁷⁴$317.9M in 2022−15% since 2019

Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2007-04-30
Cash and cash equivalents (at cost $438,463,080 and $593,538,786, respectively) (Notes 2 and 5)	$438.5M	$593.5M	$678.0M
Unrealized gain (loss) on open commodity futures contracts	$929.0K	$80.7M
Unrealized gain (loss) on open swap contracts	-$907	-$2.2K
Due from Broker		$29.2M
Dividends receivable	$1.0M	$1.7M
Interest receivable	$624.9K	$1.1M
Prepaid insurance	$67.3K	$30.0K
Prepaid registration fees		$85.1K
Total Assets	$579.5M	$790.0M
Payable due to Broker	$27.0M	$44.2M
General Partner management fees payable (Note 3)	$288.0K	$412.6K
Professional fees payable	$1.5M	$1.3M
Brokerage commissions payable		$171.9K
Directors' fees payable	$18.2K	$22.4K
License fees payable	$9.4K	$18.4K
Registration fees payable	$472
Total Liabilities	$28.8M	$46.2M
General Partners	$0	$0
Limited Partners	$550.6M	$743.8M
Total Partners' Capital	$550.6M	$743.8M
Total Liabilities and Partners' Capital	$579.5M	$790.0M
Limited Partners' shares outstanding	45.1M shares	44.1M shares
Net asset value per share	$12	$17	$20	$57	$50
Market value per share	$12	$17
Cash and cash equivalents Equity in trading accounts	$138.4M	$83.6M

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2007-04-30
Cash and cash equivalents (at cost $438,463,080 and $593,538,786, respectively) (Notes 2 and 5)	$438.5M	$593.5M	$678.0M
Unrealized gain (loss) on open commodity futures contracts	$929.0K	$80.7M
Unrealized gain (loss) on open swap contracts	-$907	-$2.2K
Due from Broker		$29.2M
Dividends receivable	$1.0M	$1.7M
Interest receivable	$624.9K	$1.1M
Prepaid insurance	$67.3K	$30.0K
Prepaid registration fees		$85.1K
Total Assets	$579.5M	$790.0M
Payable due to Broker	$27.0M	$44.2M
General Partner management fees payable (Note 3)	$288.0K	$412.6K
Professional fees payable	$1.5M	$1.3M
Brokerage commissions payable		$171.9K
Directors' fees payable	$18.2K	$22.4K
License fees payable	$9.4K	$18.4K
Registration fees payable	$472
Total Liabilities	$28.8M	$46.2M
General Partners	$0	$0
Limited Partners	$550.6M	$743.8M
Total Partners' Capital	$550.6M	$743.8M
Total Liabilities and Partners' Capital	$579.5M	$790.0M
Limited Partners' shares outstanding	45.1M shares	44.1M shares
Net asset value per share	$12	$17	$20	$57	$50
Market value per share	$12	$17
Cash and cash equivalents Equity in trading accounts	$138.4M	$83.6M

Cash from operations⁶⁵⁷⁴$215.5M in 2022

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$34.2M	$65.1M	-$671.3M
Change in unrealized (gain) loss on open commodity futures contracts	$79.8M	-$40.6M	-$184.8M
Change in unrealized (gain) loss on open swap contracts	-$1.3K	$14.9M	-$14.9M
(Increase) decrease in dividends receivable	$694.8K	-$1.4M	$792.1K
(Increase) decrease in interest receivable	$512.9K	$2.5M	-$3.3M
(Increase) decrease in prepaid insurance	-$37.3K	$11.7K	-$25.1K
(Increase) decrease in prepaid registration fees	$85.1K	-$85.1K
(Increase) decrease in ETF transaction fees receivable		$1.0K
(Increase) decrease in receivable due from Broker	$29.2M	-$29.2M
Increase (decrease) in payable due to Broker	-$17.2M	$36.0M	$8.3M
Increase (decrease) in General Partner management fees payable	-$124.6K	-$88.1K	$260.2K
Increase (decrease) in professional fees payable	$186.2K	$492.1K	-$78.6K
Increase (decrease) in brokerage commissions payable	-$171.9K		$11.8K
Increase (decrease) in directors' fees payable	-$4.2K	$1.3K	$13.1K
Increase (decrease) in license fees payable	-$9.1K	-$7.3K	$20.0K
Increase decrease in registration fees payable	$472
Net cash provided by (used in) operating activities	$127.1M	$47.5M	-$865.0M
Addition of partnership shares	$1.5B	$1.7B	$3.3B
Redemption of partnership shares	-$1.7B	-$2.0B	-$2.1B
Net cash provided by (used in) financing activities	-$227.4M	-$299.2M	$1.2B
Net Increase (Decrease) in Cash and Cash Equivalents	-$100.3M	-$251.7M	$369.3M

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Leadership

Who has led United States Natural Gas Fund, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Nicholas Daniel Gerber2007

President

Chief financial officer

Stuart P. Crumbaugh2015

2010201520202025

Chief executive officerJohn P. Love Jul 24, 2015 to Jul 24, 2015¹²
Chief executive officerNicholas Daniel Gerber Apr 24, 2007 to Apr 24, 2007¹³
ChairNicholas Daniel Gerber Apr 24, 2007 to Apr 24, 2007¹³
PresidentJohn P. Love Jul 24, 2015 to Jul 24, 2015¹²
PresidentNicholas Daniel Gerber Apr 24, 2007 to Apr 24, 2007¹³
Chief financial officerStuart P. Crumbaugh Jun 23, 2015 to Jun 23, 2015¹⁴

Board members and other officers (11)

Chief Investment OfficerJohn T. Hyland May 29, 2009 to May 29, 2009¹⁵
TreasurerAndrew F. Ngim Apr 24, 2007 to Apr 24, 2007¹⁶
Secretary, CCOHoward Mah Apr 24, 2007 to Apr 24, 2007¹⁷
Board memberKathryn D. Rooney Apr 6, 2023 to Apr 6, 2023¹⁸
Board memberMelinda Gerber Jun 30, 2015 to Jun 30, 2015¹⁹
Board memberAndrew F. Ngim Apr 24, 2007 to Apr 24, 2007¹⁶
Board memberGordon Lloyd Ellis Apr 24, 2007 to Apr 24, 2007²⁰
Board memberHoward Mah Apr 24, 2007 to Apr 24, 2007¹⁷
Board memberMalcolm Randall Fobes Iii. Apr 24, 2007 to Apr 24, 2007²¹
Board memberPeter M. Robinson Apr 24, 2007 to Apr 24, 2007²²
Board memberRobert Long Nguyen Apr 24, 2007 to Apr 24, 2007²³

Former names

United States Gas Fund LPOct 6, 2006 to Oct 6, 2006²

Timeline

Jul 24, 2015New chief executive John P. Love becomes CEO¹²
Apr 24, 2007New chief executive Nicholas Daniel Gerber becomes CEO¹³

Filings

132 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 82 major events, 1 insider forms, 29 other. The latest 20:

Oct 15, 20268-K EDGAR
Sep 29, 20268-K EDGAR
Sep 25, 20268-K EDGAR
Aug 28, 20268-K EDGAR
Aug 7, 202610-Q EDGAR
Jul 29, 20268-K EDGAR
Jun 29, 20268-K EDGAR
May 28, 20268-K EDGAR
May 14, 2026POS EX EDGAR
May 8, 202610-Q EDGAR
Apr 29, 20268-K EDGAR
Apr 24, 2026424B3 EDGAR
Mar 30, 2026424I EDGAR
Mar 27, 20268-K EDGAR
Mar 27, 20268-K EDGAR
Mar 20, 20268-K EDGAR
Feb 27, 202610-K EDGAR
Feb 27, 20268-K EDGAR
Jan 29, 20268-K EDGAR
Dec 31, 2025424B3 EDGAR

The 132 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 90. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Goldman Sachs Group Inc	1,000,113	$11.7M	0.0%	No change
Quadrature Capital Ltd	445,945	$5.2M	0.0%	New
UBS Group AG	314,784	$3.7M	0.0%	+140,113
Wells Fargo & Company/mn	312,861	$3.7M	0.0%	−234,496
Susquehanna International Group, Llp	272,736	$3.2M	0.0%	+73,149
Morgan Stanley	240,947	$2.8M	0.0%	+41,969
Jefferies Financial Group Inc.	225,000	$2.6M	0.0%	+25,000
Group One Trading LLC	218,171	$2.6M	0.1%	+124,916
Regions Financial Corp	180,194	$2.1M	0.0%	New
LPL Financial LLC	160,545	$1.9M	0.0%	−46,666
Jpmorgan Chase & Co	157,791	$1.8M	0.0%	−160,824
Daiwa Securities Group Inc.	148,393	$1.7M	0.0%	−14,900
Citigroup Inc	120,008	$1.4M	0.0%	+33,540
Wealth Enhancement Advisory Services, LLC	85,513	$906.4K	0.0%	+1,200
Clare Market Investments LLC	68,100	$798.1K	0.1%	New
AmeriServ Wealth Advisors	60,000	$703.2K	0.5%	No change
Realta Investment Advisors	53,511	$627.1K	0.2%	−2,489
Cornerstone Wealth Management, LLC	51,219	$600.3K	0.0%	+11,700
Scotia Capital Inc.	50,872	$596.2K	0.0%	+18,836
Jane Street Group, LLC	47,618	$558.1K	0.0%	New
CreativeOne Wealth, LLC	42,665	$500.0K	0.0%	No change
Natixis	40,750	$477.6K	0.0%	No change
Commonwealth Equity Services, LLC	39,726	$465.6K	0.0%	+2,205
Marex Group Ltd	37,958	$444.9K	0.0%	−2,985
Cetera Investment Advisers	37,207	$436.1K	0.0%	+8,837

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARUnited States Natural Gas Fund, LP filings on SEC EDGAR
2
SEC EDGARUnited States Natural Gas Fund, LP filings on SEC EDGAR
3
SEC EDGARUnited States Natural Gas Fund, LP annual report, Item 1 (Business)
4
SEC EDGARUnited States Natural Gas Fund, LP 10-K for fiscal 2022
5
SEC EDGARUnited States Natural Gas Fund, LP 10-K for fiscal 2022
6
SEC EDGARUnited States Natural Gas Fund, LP 10-K for fiscal 2019
7
SEC EDGARUnited States Natural Gas Fund, LP 10-K for fiscal 2021
8
SEC EDGARUnited States Natural Gas Fund, LP 10-Q for fiscal 2025
9
SEC EDGARUnited States Natural Gas Fund, LP 10-Q for fiscal 2026
10
SEC EDGARUnited States Natural Gas Fund, LP 10-Q for fiscal 2026
11
SEC EDGARUnited States Natural Gas Fund, LP 10-K for fiscal 2019
12
SEC EDGARJohn P. Love, Chief executive officer
13
SEC EDGARNicholas Daniel Gerber, Chief executive officer
14
SEC EDGARStuart P. Crumbaugh, Chief financial officer
15
SEC EDGARJohn T. Hyland, Chief Investment Officer
16
SEC EDGARAndrew F. Ngim, Treasurer
17
SEC EDGARHoward Mah, Secretary, CCO
18
SEC EDGARKathryn D. Rooney, Board member
19
SEC EDGARMelinda Gerber, Board member
20
SEC EDGARGordon Lloyd Ellis, Board member
21
SEC EDGARMalcolm Randall Fobes Iii., Board member
22
SEC EDGARPeter M. Robinson, Board member
23
SEC EDGARRobert Long Nguyen, Board member