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UNG on NYSE

United States Natural Gas Fund, LP

Commodity contracts brokers and dealers company, listed on NYSE (UNG)1

In its 2026 annual report the company says: “The United States Natural Gas Fund, LP is a Delaware limited partnership organized on September 11, 2006. 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.”3 It is headquartered in Walnut Creek, California.1

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Last updated Oct 21, 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

  • 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 elsewhere100¢$215.5M

Out of $215.5M of cash from operations.4

Financial statements

Revenue65$80.0M in 2022
-$200.0M-$100.0M0$100.0M2019: -$73.6M-$73.6M20192020: -$197.4M-$197.4M2020+168%2021: $22.1M$22.1M20212022: $80.0M$80.0M2022+261%
Net income674$75.0M in 2022
-$300.0M-$200.0M-$100.0M0$100.0M2019: -$77.6M-$77.6M20192020: -$202.8M-$202.8M2020+161%2021: $18.4M$18.4M20212022: $75.0M$75.0M2022+308%

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

Period ending2025-12-312024-12-312023-12-31
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 outstanding34.1M shares52.0M shares37.6M shares

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What it owns

What United States Natural Gas Fund, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$438.5M8 Dec 31, 2025$593.5M8 Dec 31, 2024−26.1%

Leadership

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

Chief executive

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chair

  1. Nicholas Daniel Gerber2007

President

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chief financial officer

  1. Stuart P. Crumbaugh2015
2010201520202025
Board members and other officers (11)

Former names

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

Timeline

  1. Oct 15, 20268-K Entered a material agreement24
  2. Sep 29, 20268-K Regulation FD disclosure25
  3. Sep 25, 20268-K Entered a material agreement26
  4. Aug 28, 20268-K Regulation FD disclosure27
  5. Jul 29, 20268-K Regulation FD disclosure28
  6. Jun 29, 20268-K Regulation FD disclosure29
  7. May 28, 20268-K Regulation FD disclosure30
  8. Apr 29, 20268-K Regulation FD disclosure31
  9. Mar 27, 20268-K Regulation FD disclosure32
  10. Mar 27, 20268-K Regulation FD disclosure33
  11. Mar 20, 20268-K Regulation FD disclosure34
  12. Feb 27, 20268-K Regulation FD disclosure35
  13. Jul 24, 2015New chief executive John P. Love becomes CEO12
  14. 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:

  1. Oct 15, 20268-K EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Sep 25, 20268-K EDGAR
  4. Aug 28, 20268-K EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Jul 29, 20268-K EDGAR
  7. Jun 29, 20268-K EDGAR
  8. May 28, 20268-K EDGAR
  9. May 14, 2026POS EX EDGAR
  10. May 8, 202610-Q EDGAR
  11. Apr 29, 20268-K EDGAR
  12. Apr 24, 2026424B3 EDGAR
  13. Mar 30, 2026424I EDGAR
  14. Mar 27, 20268-K EDGAR
  15. Mar 27, 20268-K EDGAR
  16. Mar 20, 20268-K EDGAR
  17. Feb 27, 202610-K EDGAR
  18. Feb 27, 20268-K EDGAR
  19. Jan 29, 20268-K EDGAR
  20. 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.

FundSharesValueShare of the fundChange
Goldman Sachs Group Inc1,000,113$11.7M0.0%No change
Quadrature Capital Ltd445,945$5.2M0.0%New
UBS Group AG314,784$3.7M0.0%+140,113
Wells Fargo & Company/mn312,861$3.7M0.0%−234,496
Susquehanna International Group, Llp272,736$3.2M0.0%+73,149
Morgan Stanley240,947$2.8M0.0%+41,969
Jefferies Financial Group Inc.225,000$2.6M0.0%+25,000
Group One Trading LLC218,171$2.6M0.1%+124,916
Regions Financial Corp180,194$2.1M0.0%New
LPL Financial LLC160,545$1.9M0.0%−46,666
Jpmorgan Chase & Co157,791$1.8M0.0%−160,824
Daiwa Securities Group Inc.148,393$1.7M0.0%−14,900
Citigroup Inc120,008$1.4M0.0%+33,540
Wealth Enhancement Advisory Services, LLC85,513$906.4K0.0%+1,200
Clare Market Investments LLC68,100$798.1K0.1%New
AmeriServ Wealth Advisors60,000$703.2K0.5%No change
Realta Investment Advisors53,511$627.1K0.2%−2,489
Cornerstone Wealth Management, LLC51,219$600.3K0.0%+11,700
Scotia Capital Inc.50,872$596.2K0.0%+18,836
Jane Street Group, LLC47,618$558.1K0.0%New
CreativeOne Wealth, LLC42,665$500.0K0.0%No change
Natixis40,750$477.6K0.0%No change
Commonwealth Equity Services, LLC39,726$465.6K0.0%+2,205
Marex Group Ltd37,958$444.9K0.0%−2,985
Cetera Investment Advisers37,207$436.1K0.0%+8,837

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

SEC filer profile

How United States Natural Gas Fund, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUnited States Natural Gas Fund, LP1
  • CIK0001376227
  • Employer ID (EIN)20-55767603
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 945961
  • Phone510-522-96001
  • Shares outstanding47,546,103 as of Aug 4, 202610
  • Public float$360.5M as of Jun 30, 20253
  • AuditorCOHEN & COMPANY, LTD., Philadelphia, Pennsylvania PCAOB ID 349; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 6, 20061
  • Filings557 in all: 8-K (321), 10-Q (59), 424B3 (50), 10-K (19), UPLOAD (16), EFFECT (15), CORRESP (14), 3 (12)1
    All 24 form types

    S-3 (9), S-3/A (9), POS AM (5), SC 13G/A (5), 424I (4), S-1/A (4), SC 13G (4), 8-A12B (2), S-1 (2), 10-Q/A (1), 25 (1), 8-K/A (1), CERTAMX (1), CERTPAC (1), CT ORDER (1), POS EX (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Shares of United States Natural Gas Fund, LPUNGNYSE

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks United States Natural Gas Fund, LP names in Item 1A of its 10-K filed Feb 27, 2026: 55 risks under these headings, as written.3

  • Investment Risk
  • The NAV of UNG’s shares relates directly to the daily changes in the price of the Benchmark Futures Contract and other assets held by UNG and fluctuations in the prices of these assets could materially adversely affect an investment in UNG’s shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in UNG could be lost.
  • Economic conditions impacting natural gas.
  • Other natural gas demand-related factors.
  • Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of commodities and/or the value, pricing and liquidity of UNG’ investments or assets which, in turn, could cause the loss of your investment in UNG.
  • Historical performance of UNG and the Benchmark Futures Contract is not indicative of future performance.
  • Correlation Risk
  • The market price at which investors buy or sell shares may be significantly less or more than NAV.
  • Daily percentage changes in UNG’s NAV may not correlate with daily percentage changes in the price of the Benchmark Futures Contract.
  • Daily percentage changes in the price of the Benchmark Futures Contract may not correlate with daily percentage changes in the spot price of natural gas.
  • The correlation between changes in prices of the Benchmark Futures Contract and the spot price of natural gas may at times be only approximate. The degree of imperfection of correlation depends upon circumstances such as variations in the speculative natural gas market, supply of and demand for Futures Contracts (including the Benchmark Futures Contract) and Other Natural Gas-Related Investments, and technical influences in natural gas futures trading.
  • Natural forces in the natural gas futures market known as “backwardation” and “contango” may increase UNG’s tracking error and/or negatively impact total return.
The other 45 risks
  • Accountability levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, by limiting UNG’s investments, including its ability to fully invest in the Benchmark Futures Contract, which means that changes in the price of shares could substantially vary from the changes in the price of the Benchmark Futures Contract.
  • Risk mitigation measures that could be imposed by UNG’s FCMs have the potential to cause tracking error by limiting UNG’s investments, including its ability to fully invest in the Benchmark Futures Contract and other Futures Contracts, which means that the changes in the price of UNG’s shares could substantially vary from changes in the price of the Benchmark Futures Contract.
  • An investor’s tax liability may exceed the amount of distributions, if any, on its shares.
  • An investor’s allocable share of taxable income or loss may differ from its economic income or loss on the shares.
  • Items of income, gain, deduction, loss and credit with respect to shares could be reallocated, for U.S. federal income tax purposes, and UNG could be liable for U.S. federal income tax, if the IRS does not accept the assumptions and conventions applied by UNG in allocating those items, with potential adverse consequences for an investor.
  • UNG could be treated as a corporation for U.S. federal income tax purposes, which may substantially reduce the value of the shares.
  • UNG is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, UNG has a more complex tax treatment than traditional mutual funds.
  • If UNG is required to withhold tax with respect to any non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.
  • The impact of changes in U.S. federal income tax laws on UNG is uncertain.
  • OTC Contract Risk
  • UNG will be subject to credit risk with respect to counterparties to OTC contracts entered into by UNG.
  • Valuing OTC derivatives may be less certain than valuing exchange-traded and/or cleared financial instruments.
  • UNG’s rights under an OTC contract may be restricted by regulations.
  • The use of swap agreements may expose UNG to early termination risk, which could result in significant losses to UNG.
  • UNG is not leveraged, but it could become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its investments.
  • UNG may temporarily limit the offering of Creation Baskets.
  • Certain of UNG’s investments could be illiquid, which could cause large losses to investors at any time or from time to time.
  • UNG is not actively managed and its investment objective is to track the Benchmark Futures Contract so that the average daily percentage change in UNG’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contract over the same period.
  • UNG may not meet the listing standards of NYSE Arca, which would adversely impact an investor’s ability to sell shares.
  • The NYSE Arca may halt trading in UNG’s shares, which would adversely impact an investor’s ability to sell shares.
  • The liquidity of UNG’s shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the shares.
  • The lack of an active trading market for UNG’s shares may result in losses on an investor’s investment in UNG at the time the investor sells the shares.
  • Limited partners and shareholders do not participate in the management of UNG and do not control USCF, so they do not have any influence over basic matters that affect UNG.
  • Limited partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful distributions.
  • USCF’s LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF’s parent company, which is wholly owned by The Marygold Companies, Inc., a controlled public company where the majority of shares are owned by Nicholas D. Gerber along with certain of his family members and certain other shareholders.
  • There is a risk that UNG will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such UNG may not earn any profit.
  • UNG is subject to extensive regulatory reporting and compliance.
  • Regulatory changes or actions, including the implementation of new legislation, are impossible to predict but may significantly and adversely affect UNG.
  • UNG is not a registered investment company so shareholders do not have the protections of the 1940 Act.
  • Trading in international markets could expose UNG to credit and regulatory risk.
  • UNG and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
  • UNG could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio.
  • UNG does not expect to make cash distributions.
  • An unanticipated number of Redemption Basket requests during a short period of time could have an adverse effect on UNG’s NAV.
  • The suspension in the ability of Authorized Participants to purchase Creation Baskets could cause UNG’s NAV to differ materially from its trading price.
  • UNG may determine that, to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its investment objective, it may limit its offers of Creation Baskets.
  • UNG may be subject to interest rate risk, which may prevent UNG from investing fully at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.
  • As inflation increases, the present value of UNG’s assets may decline.
  • UNG potentially may lose money by investing in government money market funds.
  • The failure or bankruptcy of a clearing broker could result in a substantial loss of UNG’s assets and could impair UNG in its ability to execute trades.
  • The failure or bankruptcy of UNG’s Custodian could result in a substantial loss of UNG’s assets.
  • Competing claims of intellectual property rights may adversely affect UNG and an investment in UNG’s shares.
  • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
  • UNG’s investment returns could be negatively affected by climate change and greenhouse gas restrictions.
  • USCF is the subject of class action, derivate and other litigation. In light of the inherent uncertainties involved in litigation matters, an adverse outcome in this litigation could materially adversely affect USCF’s financial condition.

Legal proceedings

From time to time, UNG may be involved in legal proceedings arising primarily from the ordinary course of its business. UNG is not currently party to any material legal proceedings. In addition, USCF, as the general partner of UNG and the Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described herein, USCF is not currently party to any material legal proceedings.

Optimum Strategies Action

On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut at Civil Action No. 3:22-cv-00511.

The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief.

The opening of Item 3, Legal Proceedings.3

Sources

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