UGA surges 67% in Q1 2026 as gasoline prices spike; OPEC price floor weakens

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~1 min read

Key Changes

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  NAV jumped 67.46% in Q1 2026 versus 2.13% in Q1 2025, driven by gasoline futures surging 86.82% (versus 14.01% prior year) as benchmark prices reached $3.26/gallon—the highest quarterly appreciation in years.

  MD&A: Performance verify on EDGAR →
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  OPEC began unwinding voluntary production cuts in 2025 after multiple delays, with output rising from 27.5 to 29.0 million barrels/day. Management states the 'OPEC put' price floor has likely moved lower, reducing downside protection.

  MD&A: OPEC Policy verify on EDGAR →
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  Trump administration tariff policies identified as new uncertainty factor that could trigger global economic slowdown and reduce crude oil demand, alongside ongoing Middle East tensions and U.S. actions in Venezuela.

  MD&A: Geopolitical Risks verify on EDGAR →