Natural gas fund posts 4% loss as prices fall 22%, storage rises; Iran war cited

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

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  Natural gas futures fell 21.76% in Q1 2026 versus a 13.38% gain in Q1 2025, ending at $2.88/MMBtu. NAV declined 4.10% versus prior year's 27.83% increase. Storage levels rose 6% above prior year, indicating comfortable supply.

  MD&A: Performance verify on EDGAR →
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  Filing references an 'Iran war' causing global oil shortage that could drive increased U.S. drilling and associated natural gas byproduct, potentially pressuring prices lower. This conflict was not mentioned in prior year's filing.

  MD&A: Geopolitical Risks verify on EDGAR →
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  Court dismissed Lucas class action complaint without prejudice in September 2025; plaintiff filed motion to amend in November 2025, which defendants opposed and remains pending. Case relates to 2020 COVID-era disclosures.

  Legal Proceedings verify on EDGAR →