UNL posts 6% NAV decline as gas prices fall; Iran war cited as new supply risk

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

Key Changes

• high

  NAV fell 5.99% vs. prior year's 26.35% gain as natural gas benchmark prices dropped 3.28%; storage levels rose 6% year-over-year, indicating more balanced supply-demand fundamentals.

  MD&A: Performance verify on EDGAR →
• high

  Filing introduces Iran war as new risk factor that could drive increased U.S. oil drilling, boosting byproduct natural gas production and pressuring prices downward.

  MD&A: Geopolitical Risks verify on EDGAR →
• high

  Russia completely cut off European gas supply at start of 2025 (vs. prior 50% reduction); filing now states some structural market changes may be permanent even if flows resume.

  MD&A: Russia-Ukraine Impact verify on EDGAR →