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Get filing alertsUSO reports $270M May loss as oil futures decline offsets $66M realized gains
Filed June 29, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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Fund recorded $270.1M net loss in May 2026, driven by $304.2M unrealized losses on oil futures as prices declined, partially offset by $65.6M realized trading gains.
Exhibit 99.1 view on EDGAR → -
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Net asset value rose from $1.69B to $1.73B despite the loss, as 13.3M shares were created and 11.3M redeemed (net 2M share increase); NAV per share ended at $128.02.
Exhibit 99.1 view on EDGAR → -
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Realized gains of $65.6M from futures trading and $8.1M from swaps demonstrate active portfolio management amid volatile oil markets.
Exhibit 99.1 view on EDGAR →
Summary
USO disclosed its May 2026 monthly results, reporting a $270.1 million net loss driven primarily by $304.2 million in unrealized losses on commodity futures positions as oil prices declined during the month. The fund partially offset these mark-to-market losses with $65.6 million in realized gains from futures trading and $8.1 million from swap contracts, reflecting active management in volatile conditions. Despite the substantial monthly loss, the fund's net asset value increased from $1.69 billion to $1.73 billion due to net share creations of 2 million shares (13.3 million created versus 11.3 million redeemed).
NAV per share ended at $128.02. For USO holders, the unrealized losses reflect the fund's direct exposure to oil price movements—the core investment thesis—while the realized gains show the sponsor's tactical positioning. The monthly disclosure is a routine regulatory requirement under Commodity Exchange Act rules for commodity pools.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net Income (Loss) $(270,124,551)
USO reported a net loss of $270.1 million for May 2026. This loss was primarily driven by unrealized losses on commodity futures and swap contracts, partially offset by realized trading gains. The loss reduced net asset value per share despite net inflows during the month.
Added in current filing · view on EDGAR →
Unrealized Gain (Loss) on Market Value of Commodity Futures (304,244,780)
The fund recorded $304.2 million in unrealized losses on commodity futures positions during May 2026. This mark-to-market loss reflects declining oil futures prices during the month and represents the largest component of the overall net loss.
Event · Item 7.01 — Regulation FD Disclosure
USO 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 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.
USO 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.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 30, 2026 · How we verify