---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-129965"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:17:16.522102+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# United States 12 Month Natural Gas Fund posts $4.1M net loss in Nov; NAV per share drops to $9.58

## Summary
- Net loss of $4.12M for month ended Nov 30, 2023; driven by unrealized losses of $3.44M on commodity futures.
- NAV per share fell to $9.58 from ~$11.70 at Oct 31; total NAV decreased to $18.2M from $22.8M.
- Realized trading loss on commodity futures: $753,746; dividend and interest income totaled $87,368.
- Shareholders redeemed 50,000 shares for $499,249 during the month.
- Total net expenses after waiver: $15,271; management fees $12,727.

## SEC filing metadata
- accession: 0001104659-23-129965
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000110465923129965/0001104659-23-129965-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000110465923129965/tm2332808d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-129965
- JSON: https://secwatch.observer/filing/0001104659-23-129965.json
- Plain text: https://secwatch.observer/filing/0001104659-23-129965.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.