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Get filing alertsBNO reports $127M May loss on $266M unrealized futures decline, NAV drops to $765M
Filed June 29, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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high
Fund posted $127M net loss in May 2026, driven by $266M unrealized losses on Brent oil futures positions, partially offset by $137M realized trading gains.
Exhibit 99.1 view on EDGAR → -
high
Net asset value declined from $859M to $765M during the month, with NAV per share ending at $50.17 across 15.25M outstanding shares.
Exhibit 99.1 view on EDGAR → -
medium
Fund experienced net share creations of $34M (2.75M shares added, 2.25M redeemed) despite the monthly losses.
Exhibit 99.1 view on EDGAR → -
low
Operating expenses totaled $634K for the month, primarily $541K in management fees, consistent with routine commodity pool operations.
Exhibit 99.1 view on EDGAR →
Summary
BNO disclosed its May 2026 monthly account statement showing significant mark-to-market losses on its Brent oil futures positions. The fund's $127 million net loss stemmed from $266 million in unrealized futures losses as oil prices declined during the month, though realized trading gains of $137 million provided partial offset.
Net asset value fell from $859 million to $765 million, with NAV per share ending at $50.17. For commodity ETF holders, these monthly swings reflect the inherent volatility of oil futures exposure rather than operational issues. The fund saw modest net inflows during May despite the losses, with 2.75 million shares created versus 2.25 million redeemed.
Operating expenses remained routine at $634K, dominated by management fees. This is a standard regulatory disclosure required under Commodity Exchange Act rules for commodity pools.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
BNO issued its monthly account statement for May 2026, a routine regulatory disclosure under Commodity Exchange Act Rule 4.22.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On June 29, 2026, United States Brent Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended May 31, 2026, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act.
The fund disclosed its monthly account statement for May 2026, comprising a Statement of Income (Loss) and a Statement of Changes in Net Asset Value. This is a routine regulatory filing required under Commodity Exchange Act Rule 4.22 for commodity pools.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net Asset Value Beginning of Month 5/1/26 $858,516,466 Additions (2,750,000 Shares) 155,449,162 Withdrawals (2,250,000 Shares) (121,523,962) Net Income (Loss) (127,387,324) Net Asset Value End of Month $765,054,342 Net Asset Value Per Share (15,250,000 Shares) $50.17
Net asset value declined from $858.5 million to $765.1 million during May 2026, a decrease of $93.5 million. The decline resulted from the $127.4 million net loss, partially offset by net share creations of $33.9 million (2.75 million shares added minus 2.25 million redeemed). NAV per share ended the month at $50.17 across 15.25 million outstanding shares.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 30, 2026 · How we verify