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Get filing alertsUSO reports $366M June loss on oil futures decline, offset by $1.4B net inflows
Filed July 29, 2026 · Period ending July 29, 2026 · ~1 min read
Key Changes
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Net loss of $366.4M driven by $193.5M realized futures losses, $132.3M unrealized futures losses, and $57.9M swap losses, partially offset by $13.3M unrealized swap gains.
Exhibit 99.1 view on EDGAR → -
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NAV rose from $1.73B to $1.75B despite losses, as 12M shares created ($1.39B) exceeded 8.9M shares redeemed ($1.01B), yielding $388.8M net inflows.
Exhibit 99.1 view on EDGAR → -
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Combined commodity futures losses totaled $325.8M, reflecting adverse oil price movements during June 2026.
Exhibit 99.1 view on EDGAR → -
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Operating expenses of $1.14M included $698,928 management fees, $199,384 professional fees, and $191,120 brokerage commissions.
Exhibit 99.1 view on EDGAR →
Summary
USO disclosed its June 2026 monthly account statement, reporting a $366.4 million net loss driven by adverse oil price movements. The fund's commodity futures positions generated $193.5 million in realized losses and $132.3 million in unrealized losses, while swap contracts added $57.9 million in realized losses, partially offset by $13.3 million in unrealized gains. Despite the performance headwind, the fund attracted strong investor demand, with 12 million shares created versus 8.9 million redeemed, producing $388.8 million in net inflows that lifted NAV from $1.73 billion to $1.75 billion.
For USO holders, the June results illustrate the fund's direct exposure to oil price volatility—losses of this magnitude signal a meaningful decline in crude prices during the month. The substantial net inflows indicate continued investor appetite for oil exposure despite near-term losses, though the performance drag underscores the risk of holding commodity futures in a declining price environment. This is a routine monthly disclosure required under Commodity Exchange Act Rule 4.22.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
USO issued its monthly account statement for June 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 July 29, 2026, United States Oil Fund, LP (the “Registrant”) issued its monthly account statement for the month ended June 30, 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 published its June 2026 monthly account statement, 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 6/1/26 $ 1,731,312,535
Additions (12,000,000 Shares) 1,394,173,824
Withdrawals (8,900,000 Shares) (1,005,398,244 )
Net Income (Loss) (366,362,873 )
Net Asset Value End of Month $ 1,753,725,242
USO's net asset value increased from $1.73 billion to $1.75 billion during June 2026, despite the $366.4 million net loss. The fund experienced net inflows of $388.8 million, with 12 million shares created ($1.39 billion) and 8.9 million shares redeemed ($1.01 billion). NAV per share ended at $105.50 for 16.6 million shares outstanding.
Added in current filing · view on EDGAR →
Realized Trading Gain (Loss) on Commodity Futures $ (193,497,934 ) ... Unrealized Gain (Loss) on Market Value of Commodity Futures (132,295,090 )
USO incurred combined commodity futures losses of $325.8 million in June 2026, consisting of $193.5 million in realized trading losses and $132.3 million in unrealized mark-to-market losses. These losses reflect adverse price movements in the fund's oil futures positions during the month.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
Total Expenses $ 1,142,078
USO incurred $1.14 million in operating expenses for June 2026, including $698,928 in management fees to the general partner, $199,384 in professional fees, and $191,120 in brokerage commissions. These expenses are modest relative to the fund's $1.75 billion ending NAV.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 30, 2026 · How we verify