UNG reports 2025 net income of $34.2M, NAV per share down to $12.20 from $16.85

United States Natural Gas Fund, LP

Net income of $34.2M in 2025 vs $65.1M in 2024; net loss of $671.3M in 2023.
Total partners' capital fell to $550.6M from $743.8M; net asset value per share $12.20 (12/31/25) vs $16.85 (12/31/24).
Realized gains on futures of $138.3M offset by $79.8M unrealized loss; fund had net share redemptions of $227.4M during 2025.
Auditor issued unqualified opinion on financial statements and internal control over financial reporting; no critical audit matters.
Cash and cash equivalents declined to $438.5M from $593.5M; equity in trading accounts increased to $138.4M from $83.6M.

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