USO

USO filed its monthly account statement for April 30, 2026 under Regulation FD, furnishing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required by CEA Rule 4.22. The exhibit is furnished, not filed, so it carries no Section 18 liability.

USO's revenue is structurally simple: interest/dividend income on Treasury and money market collateral holdings, plus NAV changes driven entirely by WTI crude futures price movements. For Q1 2026, income from collateral exceeded expenses, so no asset liquidation was needed to cover operating costs — a mild positive signal for the fund's self-sufficiency. The primary performance driver remains the daily percentage change in the Benchmark Oil Futures Contract (front-month NYMEX WTI), and USO completed its full transition back to concentrating in that contract between September 2023 and January 2024, unwinding the diversified futures ladder it adopted after the Spring 2020 volatility episode. On the operational side, USO held 23,766 NYMEX WTI CL contracts as of March 31, 2026, and at its peak during Q1 held 26,969 contracts — breaching the NYMEX 10,000 single-month accountability threshold. NYMEX took no action and required no position reduction, but the breach signals USO is operating at scale that regularly puts it under regulatory scrutiny. Position limits under the CFTC's Part 150 Position Limits Rule remain a structural constraint; exceeding them forces USO into OTC swaps or deferred-month contracts, both of which introduce incremental tracking error relative to the benchmark. The fund explicitly flags that geopolitical forces — Russia-Ukraine, Middle East conflicts — and macro volatility in crude are the dominant external variables affecting NAV, with no operational levers management can pull to offset commodity price risk. Tracking fidelity is the central performance metric: USO targets a 30-day rolling average daily NAV return within ±10% of the benchmark's return over the same window. The correlation data embedded in the filing shows crude oil has a 0.934 correlation with unleaded gasoline and 0.931 with heating oil over the trailing year, but essentially no durable correlation with equities or bonds — confirming USO functions as a near-pure crude beta instrument. The fund carries no debt, posts collateral approximately equal to notional futures exposure, and management states it has no intention of leveraging assets, keeping the structural risk profile unchanged from prior periods.

USO filed its routine monthly account statement for March 31, 2026 under Regulation FD, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required by CEA Rule 4.22. No material business event, transaction, or financial anomaly is disclosed — this is a standard periodic NAV reporting filing.

USO filed its annual financial statements for the year ended December 31, 2025, as required under Rule 4.22 of the Commodity Exchange Act, furnished as Exhibit 99.1 under Regulation FD (Item 7.01) and therefore not subject to Section 18 liability.

USO filed its monthly account statement for February 2026, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. No material operational event or transaction was announced beyond routine regulatory reporting.

USO filed this 8-K under Reg FD (Item 7.01) to furnish the audited Statements of Financial Condition of its general partner, United States Commodity Funds LLC (USCF), as of December 31, 2025 and 2024; the financials are those of the GP entity, not the fund itself, and are not deemed 'filed' for Exchange Act Section 18 liability purposes.

USO's investment performance is driven entirely by its ability to track the Benchmark Oil Futures Contract (front-month NYMEX WTI crude), and the MD&A is dominated by structural constraints that create persistent tracking error risk rather than alpha generation. Exchange accountability levels (10,000 contracts single-month, 20,000 contracts all-months on NYMEX), CFTC Position Limits Rule applicability to WTI futures without an available exemption, and FCM-imposed discretionary position caps all directly limit USO's ability to deploy Creation Basket proceeds into the benchmark contract—forcing substitution into other oil-related instruments, swaps, or Treasury holdings that dilute tracking fidelity. The Spring 2020 episode with RBC Capital Markets, when USO was barred from purchasing the June WTI contract entirely, is cited as a concrete precedent for how quickly FCM restrictions can materially impair the fund's core mandate. The contango/backwardation dynamic in the crude forward curve is the primary driver of return drag or enhancement beyond spot price movement, as monthly rolls into the next front-month contract generate either negative roll yield (contango) or positive roll yield (backwardation). Management does not quantify the current term structure impact but flags it as a central determinant of how share price performance diverges from spot WTI. No operating segments exist; revenue consists of interest/gains on Treasury collateral and futures P&L, both of which are hostage to oil price direction and curve structure rather than any operational lever USCF controls. Daily price fluctuation limits on NYMEX and ICE Futures create additional execution risk during volatile periods by halting trading at the limit price, further impeding the fund's ability to roll or rebalance efficiently. On the tax side, the LP structure means investors bear taxable income allocations regardless of distributions—USCF has not made and does not intend to make cash distributions—creating potential for tax liability exceeding economic returns in any given year. The risk of IRS reclassification of USO as a corporation, while the fund holds a partnership opinion from counsel, would impose entity-level corporate tax and materially reduce net asset value. Proposed Trump Administration tax code changes add regulatory uncertainty, and any imputed underpayment assessed in an IRS audit would reduce fund NAV directly since USO, as a publicly traded partnership, faces uncertainty about its ability to push that liability back to the applicable investor year. OTC counterparty credit exposure, while secondary to exchange-traded futures risk, adds a further layer given single-counterparty structure versus cleared futures.

USO filed its monthly account statement for January 2026, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. No material corporate event or transaction was announced; this is a routine regulatory disclosure furnished under Regulation FD.

USO filed its routine monthly account statement for December 31, 2025, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. This is a Regulation FD disclosure and the exhibit is furnished, not filed, so it carries no Section 18 liability.

USO filed its routine monthly account statement (Statement of Income/Loss and Statement of Changes in Net Asset Value) for the month ended November 30, 2025, as required under CEA Rule 4.22 — a regulatory disclosure with no transactional or material business event.