---
schema_version: "secwatch.filing_event.v1"
accession: "0002071876-26-000067"
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: "2026-05-15T08:34:45.602271+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0002071876-26-000067
- 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
- sentiment: neutral
- 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/1376227/000207187626000067/0002071876-26-000067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1376227/000207187626000067/i26129_ung-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0002071876-26-000067
- JSON: https://secwatch.observer/filing/0002071876-26-000067.json
- Plain text: https://secwatch.observer/filing/0002071876-26-000067.txt

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