---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-035704"
form_type: "8-K"
ticker: "UNG"
cik: "0001376227"
company_name: "United States Natural Gas Fund, LP"
filed_at: "2026-03-27T23:59:59+00:00"
generated_at: "2026-05-15T08:34:39.084327+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# UNG posts $151M net loss in February; NAV per share drops to $11.50

## Summary
- Net loss of $151.4M for February 2026; NAV per share $11.50 at month end (37.85M shares outstanding).
- Additions of 22.0M shares ($273.9M) and withdrawals of 10.6M shares ($133.4M) during the month.
- Unrealized losses on commodity futures ($128.0M) and swap contracts ($25.3M) drove the net loss.
- Realized gains on futures ($27.3M) were offset by realized losses on swaps ($26.1M); total income (loss) negative $151.0M.
- Total expenses were $414.6K, including $193.3K in general partner management fees.

## SEC filing metadata
- accession: 0001104659-26-035704
- form_type: 8-K
- ticker: UNG
- cik: 0001376227
- company_name: United States Natural Gas Fund, LP
- filed_at: 2026-03-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1376227/000110465926035704/0001104659-26-035704-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1376227/000110465926035704/tm268499d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-035704
- JSON: https://secwatch.observer/filing/0001104659-26-035704.json
- Plain text: https://secwatch.observer/filing/0001104659-26-035704.txt

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