Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'USO |
Entity Registrant Name | 'United States Oil Fund, LP |
Entity Central Index Key | '0001327068 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Condensed_Statements_of_Financ
Condensed Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash and cash equivalents (Notes 2 and 5) | $696,742,167 | $1,019,006,171 |
Equity in UBS Securities LLC trading accounts: | ' | ' |
Cash and cash equivalents | 95,915,369 | 154,761,599 |
Unrealized gain (loss) on open commodity futures contracts | -28,282,250 | 67,180,420 |
Receivable for units sold | 18,558,995 | 0 |
Dividend receivable | 9,089 | 20,182 |
Other assets | 55,502 | 380,835 |
Total assets | 782,998,872 | 1,241,349,207 |
Liabilities and Partners' Capital | ' | ' |
Payable for units redeemed | 0 | 56,390,127 |
Professional fees payable | 1,082,855 | 1,200,671 |
General Partner management fees payable (Note 3) | 316,470 | 516,449 |
License fees payable | 32,891 | 51,035 |
Brokerage commissions payable | 28,461 | 44,461 |
Other liabilities | 35,807 | 43,129 |
Total liabilities | 1,496,484 | 58,245,872 |
Commitments and Contingencies (Notes 3, 4 and 5) | ' | ' |
Partners' Capital | ' | ' |
General Partner | 0 | 0 |
Limited Partners | 781,502,388 | 1,183,103,335 |
Total Partners' Capital | 781,502,388 | 1,183,103,335 |
Total liabilities and partners' capital | $782,998,872 | $1,241,349,207 |
Limited Partners' units outstanding | 21,200,000 | 35,400,000 |
Net asset value per unit | $36.86 | $33.42 |
Market value per unit | $36.85 | $33.37 |
Condensed_Schedule_of_Investme
Condensed Schedule of Investments (USD $) | Sep. 30, 2013 | |
Unrealized Gain on Open Commodity Contracts | ($28,282,250) | |
Open Futures Contracts, Long [Member] | United States [Member] | NYMEX WTI Crude Oil Futures CL August 2013 contracts, expiring July 2013 [Member] | ' | |
Number of Contracts | 7,638 | [1] |
Unrealized Gain on Open Commodity Contracts | -28,282,250 | [1] |
% of Partners' Capital | -3.62% | [1] |
Cash Equivalent [Member] | ' | |
Market Value | 678,902,021 | |
% of Partners' Capital | 86.87% | |
Cash Equivalent [Member] | United States [Member] | US Treasury Securities [Member] | ' | |
Market Value | 169,987,800 | |
% of Partners' Capital | 21.75% | |
Cash Equivalent [Member] | United States [Member] | US Treasury Securities [Member] | Us Treasury Bills, 0.08%, 10/31/2013 [Member] | ' | |
Principal Amount | 100,000,000 | |
Market Value | 99,993,750 | |
% of Partners' Capital | 12.79% | |
Cash Equivalent [Member] | United States [Member] | US Treasury Securities [Member] | U.S. Treasury Bill, 0.06%, 11/21/2013 [Member] | ' | |
Principal Amount | 70,000,000 | |
Market Value | 69,994,050 | |
% of Partners' Capital | 8.96% | |
Cash Equivalent [Member] | United States [Member] | Money Market Funds [Member] | ' | |
Market Value | 508,914,221 | |
% of Partners' Capital | 65.12% | |
Cash Equivalent [Member] | United States [Member] | Money Market Funds [Member] | Fidelity Institutional Government Portfolio, Class I [Member] | ' | |
Principal Amount | 53,627 | |
Market Value | 53,627 | |
% of Partners' Capital | 0.01% | |
Cash Equivalent [Member] | United States [Member] | Money Market Funds [Member] | Goldman Sachs Financial Square Funds Government Fund Class FS [Member] | ' | |
Principal Amount | 107,792,941 | |
Market Value | 107,792,941 | |
% of Partners' Capital | 13.79% | |
Cash Equivalent [Member] | United States [Member] | Money Market Funds [Member] | Morgan Stanley Institutional Liquidity Fund, Government Portfolio [Member] | ' | |
Principal Amount | 201,057,695 | |
Market Value | 201,057,695 | |
% of Partners' Capital | 25.73% | |
Cash Equivalent [Member] | United States [Member] | Money Market Funds [Member] | Wells Fargo Advantage Government Money Market Fund Class I [Member] | ' | |
Principal Amount | 200,009,958 | |
Market Value | $200,009,958 | |
% of Partners' Capital | 25.59% | |
[1] | Collateral amounted to $95,919,549 on open futures contracts. |
Condensed_Schedule_of_Investme1
Condensed Schedule of Investments (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Collateral Amount On Open Futures Contracts | 95,919,549 |
United States [Member] | NYMEX WTI Crude Oil Futures CL August 2013 contracts, expiring July 2013 [Member] | Open Futures Contracts, Long [Member] | ' |
Expiration date | 'July 2013 |
United States [Member] | Us Treasury Bills, 0.08%, 10/31/2013 [Member] | US Treasury Securities [Member] | Cash Equivalent [Member] | ' |
Interest rate | 0.08% |
Expiration date | '10/31/2013 |
United States [Member] | U.S. Treasury Bill, 0.06%, 11/21/2013 [Member] | US Treasury Securities [Member] | Cash Equivalent [Member] | ' |
Interest rate | 0.06% |
Expiration date | '11/21/2013 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Gain (loss) on trading of commodity futures contracts: | ' | ' | ' | ' |
Realized gain (loss) on closed positions | $99,527,130 | $146,631,510 | $202,833,940 | ($62,348,970) |
Change in unrealized loss on open positions | -33,393,670 | -65,971,870 | -95,462,670 | -43,579,520 |
Dividend income | 27,985 | 50,326 | 104,607 | 159,647 |
Interest income | 39,099 | 45,771 | 123,320 | 116,306 |
Other income | 72,000 | 62,000 | 188,000 | 153,000 |
Total income (loss) | 66,272,544 | 80,817,737 | 107,787,197 | -105,499,537 |
Expenses | ' | ' | ' | ' |
General Partner management fees (Note 3) | 919,796 | 1,391,015 | 3,096,000 | 4,281,910 |
Professional fees | 235,653 | 360,568 | 908,521 | 1,015,104 |
Brokerage commissions | 223,754 | 329,550 | 710,467 | 960,506 |
Registration fees | 115,473 | 23,660 | 342,653 | 61,498 |
Other expenses | 78,015 | 119,035 | 252,423 | 320,910 |
Total expenses | 1,572,691 | 2,223,828 | 5,310,064 | 6,639,928 |
Net income (loss) | $64,699,853 | $78,593,909 | $102,477,133 | ($112,139,465) |
Net income (loss) per limited partnership unit | $2.66 | $2.29 | $3.44 | ($3.89) |
Net income (loss) per weighted average limited partnership unit | $3.01 | $2.19 | $3.89 | ($3.20) |
Weighted average limited partnership units outstanding | 21,478,261 | 35,838,043 | 26,340,659 | 35,012,044 |
Condensed_Statement_of_Changes
Condensed Statement of Changes in Partners' Capital (USD $) | Total | General Partner [Member] | Limited Partners [Member] |
Beginning Balances at Dec. 31, 2012 | $1,183,103,335 | $0 | $1,183,103,335 |
Net asset value per unit, beginning of period at Dec. 31, 2012 | $33.42 | ' | ' |
Addition of 79,500,000 partnership units | 2,819,115,495 | 0 | 2,819,115,495 |
Redemption of 93,700,000 partnership units | -3,323,193,575 | 0 | -3,323,193,575 |
Net income | 102,477,133 | 0 | 102,477,133 |
Ending Balances at Sep. 30, 2013 | $781,502,388 | $0 | $781,502,388 |
Net asset value per unit, end of period at Sep. 30, 2013 | $36.86 | ' | ' |
Condensed_Statement_of_Changes1
Condensed Statement of Changes in Partners' Capital (Parenthetical) | 9 Months Ended |
Sep. 30, 2013 | |
Addition of partnership units | 79,500,000 |
Redemption of partnership units | 93,700,000 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $102,477,133 | ($112,139,465) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Decrease in commodity futures trading account - cash and cash equivalents | 58,846,230 | 12,037,812 |
Unrealized loss on open futures contracts | 95,462,670 | 43,579,520 |
(Increase) decrease in dividend receivable | 11,093 | -5,640 |
Decrease in interest receivable | 0 | 35 |
Decrease in other assets | 325,333 | 30,639 |
Decrease investment payable | 0 | -553 |
Decrease in professional fees payable | -117,816 | -214,349 |
Decrease in General Partner management fees payable | -199,979 | -12,099 |
Decrease in license fees payable | -18,144 | 0 |
Increase (decrease) in brokerage commissions payable | -16,000 | 11,725 |
Decrease in other liabilities | -7,322 | -1,831 |
Net cash provided by (used in) operating activities | 256,763,198 | -56,714,206 |
Cash Flows from Financing Activities: | ' | ' |
Addition of partnership units | 2,800,556,500 | 2,864,245,428 |
Redemption of partnership units | -3,379,583,702 | -2,799,866,993 |
Net cash provided by (used in) financing activities | -579,027,202 | 64,378,435 |
Net Increase (Decrease) in Cash and Cash Equivalents | -322,264,004 | 7,664,229 |
Cash and Cash Equivalents, beginning of period | 1,019,006,171 | 838,608,739 |
Cash and Cash Equivalents, end of period | $696,742,167 | $846,272,968 |
Organization_and_Business
Organization and Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Business | ' |
NOTE 1 — ORGANIZATION AND BUSINESS | |
The United States Oil Fund, LP (“USOF”) was organized as a limited partnership under the laws of the state of Delaware on May 12, 2005. USOF is a commodity pool that issues limited partnership units (“units”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). Prior to November 25, 2008, USOF’s units traded on the American Stock Exchange (the “AMEX”). USOF will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Sixth Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the “LP Agreement”). The investment objective of USOF is for the daily changes in percentage terms of its units’ per unit net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange (the “NYMEX”) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire (the “Benchmark Oil Futures Contract”), less USOF’s expenses. It is not the intent of USOF to be operated in a fashion such that the per unit NAV will equal, in dollar terms, the spot price of light, sweet crude oil or any particular futures contract based on light, sweet crude oil. It is not the intent of USOF to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (“USCF”), the general partner of USOF, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Oil Futures Contracts (as defined below) and Other Oil-Related Investments (as defined below). USOF accomplishes its objective through investments in futures contracts for light, sweet crude oil and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, “Oil Futures Contracts”) and other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”). As of September 30, 2013, USOF held 7,638 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe. | |
USOF commenced investment operations on April 10, 2006 and has a fiscal year ending on December 31. USCF is responsible for the management of USOF. USCF is a member of the National Futures Association (the “NFA”) and became a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005. USCF is also the general partner of the United States Natural Gas Fund, LP (“USNG”), the United States 12 Month Oil Fund, LP (“US12OF”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (formerly, the United States Heating Oil Fund, LP) (“USDHO”), which listed their limited partnership units on the AMEX under the ticker symbols “UNG” on April 18, 2007, “USL” on December 6, 2007, “UGA” on February 26, 2008 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USNG’s, US12OF’s, UGA’s and USDHO’s units commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“USSO”), the United States 12 Month Natural Gas Fund, LP (“US12NG”) and the United States Brent Oil Fund, LP (“USBO”), which listed their limited partnership units on the NYSE Arca under the ticker symbols “DNO” on September 24, 2009, “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), the United States Agriculture Index Fund (“USAG”) and the United States Metals Index Fund (“USMI”), each a series of the United States Commodity Index Funds Trust. USCI, CPER, USAG and USMI listed their units on the NYSE Arca under the ticker symbol “USCI” on August 10, 2010, “CPER” on November 15, 2011, “USAG” on April 13, 2012 and “USMI” on June 19, 2012, respectively. All funds listed previously are referred to collectively herein as the “Related Public Funds.” USCF has also filed registration statements to register units of the United States Sugar Fund (“USSF”), the United States Natural Gas Double Inverse Fund (“UNGD”), the United States Gasoil Fund (“USGO”) and the United States Asian Commodities Basket Fund (“UAC”), each a series of the United States Commodity Funds Trust I, and the US Golden Currency Fund (“HARD”), a series of the United States Currency Funds Trust. USSF, UNGD, USGO and HARD are currently not available to the public, as such funds are still in the process of review by various regulatory agencies which have regulatory authority over USCF and such funds. UAC has been declared effective by the regulatory agencies which have regulatory authority over USCF and UAC, but at the time of the filing of this quarterly report on Form 10-Q, UAC has not been made available to the public. | |
USOF issues units to certain authorized purchasers (“Authorized Purchasers”) by offering baskets consisting of 100,000 units (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a Creation Basket is based upon the NAV of a unit calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received. | |
In addition, Authorized Purchasers pay USOF a $1,000 fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 100,000 units. Units may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Units purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per unit NAV of USOF but rather at market prices quoted on such exchange. | |
In April 2006, USOF initially registered 17,000,000 units on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On April 10, 2006, USOF listed its units on the AMEX under the ticker symbol “USO”. On that day, USOF established its initial per unit NAV by setting the price at $67.39 and issued 200,000 units in exchange for $13,479,000. USOF also commenced investment operations on April 10, 2006, by purchasing Oil Futures Contracts traded on the NYMEX based on light, sweet crude oil. As of September 30, 2013, USOF had registered a total of 957,700,000 units. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles (“GAAP”) in the United States of America. The financial information included herein is unaudited; however, such financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of USCF, necessary for the fair presentation of the condensed financial statements for the interim period. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Revenue Recognition | |
Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the condensed statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the condensed financial statements. Changes in the unrealized gains or losses between periods are reflected in the condensed statements of operations. USOF earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, USOF earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments. | |
Brokerage Commissions | |
Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. | |
Income Taxes | |
USOF is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. | |
In accordance with GAAP, USOF is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. USOF files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. USOF is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in USOF recording a tax liability that reduces net assets. However, USOF’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. USOF recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the period ended September 30, 2013. | |
Creations and Redemptions | |
Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. | |
USOF receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in USOF’s condensed statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed. | |
Partnership Capital and Allocation of Partnership Income and Losses | |
Profit or loss shall be allocated among the partners of USOF in proportion to the number of units each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. | |
Calculation of Per Unit Net Asset Value | |
USOF’s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. USOF uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. | |
Net Income (Loss) Per Unit | |
Net income (loss) per unit is the difference between the per unit NAV at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at September 30, 2013. | |
Offering Costs | |
Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by USOF. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. | |
Cash Equivalents | |
Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. | |
Reclassification | |
Certain amounts in the accompanying condensed financial statements were reclassified to conform to the current presentation. | |
Use of Estimates | |
The preparation of condensed financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. | |
Fees_Paid_By_The_Fund_And_Rela
Fees Paid By The Fund And Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Fees Paid By Fund And Related Party Transactions [Abstract] | ' |
Fees Paid By The Fund And Related Party Transactions | ' |
NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | |
USCF Management Fee | |
Under the LP Agreement, USCF is responsible for investing the assets of USOF in accordance with the objectives and policies of USOF. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USOF. For these services, USOF is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45% per annum of average daily total net assets. | |
Ongoing Registration Fees and Other Offering Expenses | |
USOF pays all costs and expenses associated with the ongoing registration of its units subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of units, and all legal, accounting, printing and other expenses associated with such offer and sale. For the nine months ended September 30, 2013 and 2012, USOF incurred $342,653 and $61,498, respectively, in registration fees and other offering expenses. | |
Directors’ Fees and Expenses | |
USOF is responsible for paying its portion of the directors’ and officers’ liability insurance for USOF and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USOF and the Related Public Funds organized as limited partnerships and, as of July 8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. USOF shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis. These fees and expenses for the year ending December 31, 2013 are estimated to be a total of $560,625 for USOF and the Related Public Funds. | |
Licensing Fees | |
As discussed in Note 4 below, USOF entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, through October 19, 2011, USOF and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, paid a licensing fee that was equal to 0.04% for the first $1,000,000,000 of combined net assets of the funds and 0.02% for combined net assets above $1,000,000,000. On and after October 20, 2011, USOF and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay a licensing fee that is equal to 0.015% on all net assets. During the nine months ended September 30, 2013 and 2012, USOF incurred $103,200 and $142,730, respectively, under this arrangement. | |
Investor Tax Reporting Cost | |
The fees and expenses associated with USOF’s audit expenses and tax accounting and reporting requirements are paid by USOF. These costs are estimated to be $1,000,000 for the year ending December 31, 2013. | |
Other Expenses and Fees | |
In addition to the fees described above, USOF pays all brokerage fees and other expenses in connection with the operation of USOF, excluding costs and expenses paid by USCF as outlined in Note 4 below. | |
Contracts_And_Agreements
Contracts And Agreements | 9 Months Ended |
Sep. 30, 2013 | |
Contractors [Abstract] | ' |
Contracts And Agreements | ' |
NOTE 4 — CONTRACTS AND AGREEMENTS | |
USOF is party to a marketing agent agreement, dated as of March 13, 2006, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for USOF as outlined in the agreement. The fees of the Marketing Agent, which are borne by USCF, include a marketing fee of $425,000 per annum plus the following incentive fee: 0.00% on USOF’s assets from $0 – $500 million; 0.04% on USOF’s assets from $500 million – $4 billion; and 0.03% on USOF’s assets in excess of $4 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution related services exceed 10% of the gross proceeds of USOF’s offering. | |
The above fees do not include the following expenses, which are also borne by USCF: the cost of placing advertisements in various periodicals; website construction and development; or the printing and production of various marketing materials. | |
USOF is also party to a custodian agreement, dated March 13, 2006, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of USOF. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, USOF is party to an administrative agency agreement, dated March 13, 2006, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for USOF. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. | |
Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to USOF and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services. In addition, USCF pays BBH&Co. an asset-based charge of (a) 0.06% for the first $500 million of USOF’s, USNG’s, US12OF’s, UGA’s, USDHO’s, USSO’s, US12NG’s, USBO’s, USCI’s, CPER’s, USAG’s and USMI’s combined net assets, (b) 0.0465% for USOF’s, USNG’s, US12OF’s, UGA’s, USDHO’s, USSO’s, US12NG’s, USBO’s, USCI’s, CPER’s, USAG’s and USMI’s combined net assets greater than $500 million but less than $1 billion, and (c) 0.035% once USOF’s, USNG’s, US12OF’s, UGA’s, USDHO’s, USSO’s, US12NG’s, USBO’s, USCI’s, CPER’s, USAG’s and USMI’s combined net assets exceed $1 billion. The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. USCF also pays transaction fees ranging from $7 to $15 per transaction. | |
On October 8, 2013, USOF entered into a brokerage agreement with RBC Capital Markets, LLC (“RBC Capital” or “RBC”) to serve as USOF’s futures commission merchant (“FCM”), effective October 10, 2013. Prior to October 10, 2013, the FCM was UBS Securities LLC (“UBS Securities”). The agreements require RBC Capital and UBS Securities to provide services to USOF in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through RBC Capital and/or UBS Securities for USOF’s account. In accordance with each agreement, RBC Capital and UBS Securities charge USOF commissions of approximately $7 to $15 per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts. Such fees include those incurred when purchasing Oil Futures Contracts and options on Oil Futures Contracts when USOF issues units as a result of a Creation Basket, as well as fees incurred when selling Oil Futures Contracts and options on Oil Futures Contracts when USOF redeems units as a result of a Redemption Basket. Such fees are also incurred when Oil Futures Contracts and options on Oil Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. USOF also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). During the nine months ended September 30, 2013, total commissions accrued to brokers amounted to $710,467. Of this amount, approximately $550,238 was a result of rebalancing costs and approximately $160,229 was the result of trades necessitated by creation and redemption activity. By comparison, during the nine months ended September 30, 2012, total commissions accrued to brokers amounted to $960,506. Of this amount, approximately $786,899 was a result of rebalancing costs and approximately $173,607 was the result of trades necessitated by creation and redemption activity. The decrease in the total commissions accrued to brokers for the nine months ended September 30, 2013, as compared to the nine months ended September 30, 2012, was primarily a result of the decrease in USOF’s average total net assets during the nine months ended September 30, 2013, as compared to the nine months ended September 30, 2012. As an annualized percentage of average daily total net assets, the figure for the nine months ended September 30, 2013 represents approximately 0.10% of average daily total net assets. By comparison, the figure for the nine months ended September 30, 2012 represented approximately 0.10% of average daily total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. | |
USOF and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USOF was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, USOF and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. USOF expressly disclaims any association with the NYMEX or endorsement of USOF by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX. | |
Financial_Instruments_OffBalan
Financial Instruments, Off-Balance Sheet Risks and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments Off Balance Sheet Risks And Contingencies [Abstract] | ' |
Financial Instruments, Off-Balance Sheet Risks and Contingencies | ' |
NOTE 5 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | |
USOF engages in the trading of futures contracts, options on futures contracts and cleared swaps (collectively, “derivatives”). USOF is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. | |
USOF may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. | |
The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with a futures commission merchant. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures commission merchant to segregate all customer transactions and assets from the futures commission merchant’s proprietary activities. | |
Futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure USOF has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. | |
All of the futures contracts held by USOF were exchange-traded through September 30, 2013. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions since, in over-the-counter transactions, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if USOF were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. USOF has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, USOF bears the risk of financial failure by the clearing broker. | |
USOF’s cash and other property, such as Treasuries, deposited with a futures commission merchant are considered commingled with all other customer funds, subject to the futures commission merchant’s segregation requirements. In the event of a futures commission merchant’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of a futures commission merchant could result in the complete loss of USOF’s assets posted with that futures commission merchant; however, the majority of USOF’s assets are held in cash and/or cash equivalents with USOF’s custodian and would not be impacted by the insolvency of a futures commission merchant. The failure or insolvency of USOF’s custodian, however, could result in a substantial loss of USOF’s assets. | |
USCF invests a portion of USOF’s cash in money market funds that seek to maintain a stable per unit NAV. USOF is exposed to any risk of loss associated with an investment in such money market funds. As of September 30, 2013 and December 31, 2012, USOF held investments in money market funds in the amounts of $508,914,221 and $745,914,221, respectively. USOF also holds cash deposits with its custodian. Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada, London, United Kingdom, Grand Cayman, Cayman Islands and Nassau, Bahamas, which are subject to U.S. regulation and regulatory oversight. As of September 30, 2013 and December 31, 2012, USOF held cash deposits and investments in Treasuries in the amounts of $283,743,315 and $427,853,549, respectively, with the custodian and futures commission merchant. Some or all of these amounts may be subject to loss should USOF’s custodian and/or futures commission merchant cease operations. | |
For derivatives, risks arise from changes in the market value of the contracts. Theoretically, USOF is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, USOF pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. | |
USOF’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, USOF has a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. | |
The financial instruments held by USOF are reported in its condensed statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity. | |
Financial_Highlights
Financial Highlights | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Financial Highlights [Abstract] | ' | |||||||
Financial Highlights | ' | |||||||
NOTE 6 — FINANCIAL HIGHLIGHTS | ||||||||
The following table presents per unit performance data and other supplemental financial data for the nine months ended September 30, 2013 and 2012 for the unitholders. This information has been derived from information presented in the condensed financial statements. | ||||||||
For the nine months ended | For the nine months ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
(Unaudited) | (Unaudited) | |||||||
Per Unit Operating Performance: | ||||||||
Net asset value, beginning of period | $ | 33.42 | $ | 38.07 | ||||
Total income (loss) | 3.64 | -3.7 | ||||||
Total expenses | -0.2 | -0.19 | ||||||
Net increase (decrease) in net asset value | 3.44 | -3.89 | ||||||
Net asset value, end of period | $ | 36.86 | $ | 34.18 | ||||
Total Return | 10.29 | % | -10.22 | % | ||||
Ratios to Average Net Assets | ||||||||
Total income (loss) | 11.72 | % | -8.3 | % | ||||
Expenses excluding management fees* | 0.32 | % | 0.25 | % | ||||
Management fees* | 0.45 | % | 0.45 | % | ||||
Net income (loss) | 11.14 | % | -8.82 | % | ||||
* Annualized | ||||||||
Total returns are calculated based on the change in value during the period. An individual unitholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from USOF. | ||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
NOTE 7 — FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
USOF values its investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of USOF (observable inputs) and (2) USOF’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: | ||||||||||||||||
Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||
Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). | ||||||||||||||||
Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. | ||||||||||||||||
In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. | ||||||||||||||||
The following table summarizes the valuation of USOF’s securities at September 30, 2013 using the fair value hierarchy: | ||||||||||||||||
At September 30, 2013 | Total | Level I | Level II | Level III | ||||||||||||
Short-Term Investments | $ | 678,902,021 | $ | 678,902,021 | $ | — | $ | — | ||||||||
Exchange-Traded Futures Contracts | ||||||||||||||||
Foreign Contracts | 0 | 0 | — | — | ||||||||||||
United States Contracts | -28,282,250 | -28,282,250 | — | — | ||||||||||||
During the nine months ended September 30, 2013, there were no transfers between Level I and Level II. | ||||||||||||||||
The following table summarizes the valuation of USOF’s securities at December 31, 2012 using the fair value hierarchy: | ||||||||||||||||
At December 31, 2012 | Total | Level I | Level II | Level III | ||||||||||||
Short-Term Investments | $ | 965,890,925 | $ | 965,890,925 | $ | — | $ | — | ||||||||
Exchange-Traded Futures Contracts | ||||||||||||||||
Foreign Contracts | 9,680,000 | 9,680,000 | — | — | ||||||||||||
United States Contracts | 57,500,420 | 57,500,420 | — | — | ||||||||||||
During the year ended December 31, 2012, there were no transfers between Level I and Level II. | ||||||||||||||||
Effective January 1, 2009, USOF adopted the provisions of Accounting Standards Codification 815 – Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivatives not | Condensed | Fair Value | Fair Value | |||||||||||||
Accounted for | Statements of Financial | At September 30, 2013 | At December 31, 2012 | |||||||||||||
as Hedging | Condition Location | |||||||||||||||
Instruments | ||||||||||||||||
Futures - Commodity Contracts | Assets | $ | -28,282,250 | $ | 67,180,420 | |||||||||||
The Effect of Derivative Instruments on the Condensed Statements of Operations | ||||||||||||||||
For the nine months ended | For the nine months ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives not | Location of | Realized | Change in | Realized | Change in | |||||||||||
Accounted for | Gain or (Loss) | Gain or (Loss) | Unrealized | Gain or (Loss) | Unrealized | |||||||||||
as Hedging | on Derivatives | on Derivatives | Gain or (Loss) | on Derivatives | Gain or (Loss) | |||||||||||
Instruments | Recognized in | Recognized in | on Derivatives | Recognized in | on Derivatives | |||||||||||
Income | Income | Recognized in | Income | Recognized in | ||||||||||||
Income | Income | |||||||||||||||
Futures - | Realized gain (loss) on closed positions | $ | 202,833,940 | $ | -62,348,970 | |||||||||||
Commodity | ||||||||||||||||
Contracts | ||||||||||||||||
Change in unrealized gain (loss) on open positions | $ | -95,462,670 | $ | -43,579,520 | ||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 8 — SUBSEQUENT EVENTS | |
USOF has performed an evaluation of subsequent events through the date the condensed financial statements were issued. The subsequent events, which did not necessitate disclosures and/or adjustments to the financial statements, were as follows: | |
On October 8, 2013, USCF entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital to serve as USOF’s FCM, effective October 10, 2013. Prior to October 10, 2013, UBS Securities was USOF’s FCM. This agreement requires RBC Capital to provide services to USOF, as of October 10, 2013, in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased or sold by or through RBC Capital for USOF’s account. For the period October 10, 2013 and after, USOF pays RBC Capital commissions for executing and clearing trades on behalf of USOF. Prior to October 10, 2013, and therefore for the entire period of this quarterly report on Form 10-Q for the period ended September 30, 2013, USOF paid UBS Securities commissions for executing and clearing trades on behalf of USOF. | |
RBC Capital’s primary address is 500 West Madison Street, Suite 2500, Chicago, Illinois 60661. UBS Securities’ principal business address is 677 Washington Blvd., Stamford, CT 06901. From USOF’s commencement of trading to October 10, 2013, UBS Securities was a futures clearing broker for USOF. Effective October 10, 2013, RBC Capital became the futures clearing broker for USOF. Both RBC Capital and UBS Securities are registered in the U.S. with the Financial Industry Regulatory Authority as a broker-dealer and with the CFTC as a FCM. RBC Capital and UBS Securities are members of various U.S. futures and securities exchanges. | |
RBC is a large broker-dealer subject to many different complex legal and regulatory requirements. As a result, certain of RBC’s regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with RBC with respect to issues raised in various investigations. RBC complies fully with its regulators in all investigations being conducted and in all settlements it reaches. In addition, RBC is and has been subject to a variety of civil legal claims in various jurisdictions, a variety of settlement agreements and a variety of orders, awards and judgments made against it by courts and tribunals, both in regard to such claims and investigations. RBC complies fully with all settlements it reaches and all orders, awards and judgments made against it. | |
RBC has been named as a defendant in various legal actions, including arbitrations, class actions and other litigation including those described below, arising in connection with its activities as a broker-dealer. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. RBC is also involved, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding RBC’s business, including among other matters, accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. | |
RBC contests liability and/or the amount of damages, as appropriate, in each pending matter. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, RBC cannot predict the loss or range of loss, if any, related to such matters; how or if such matters will be resolved; when they will ultimately be resolved; or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, RBC believes, based on current knowledge and after consultation with counsel, that the outcome of such pending matters will not have a material adverse effect on the consolidated financial condition of RBC. | |
On March 11, 2013, the New Jersey Bureau of Securities entered a consent order settling an administrative complaint against RBC, which alleged that RBC failed to follow its own procedures with respect to monthly account reviews and failed to maintain copies of the monthly account reviews with respect to certain accounts that James Hankins Jr. maintained at the firm in violation of N.J.S.A. 49:3-58(a)(2)(xi) and 49:3-59(b). Without admitting or denying the findings of fact and conclusions of law, RBC consented to a civil monetary penalty of $150,000 (of which $100,000 was suspended as a result of the firm’s cooperation) and to pay disgorgement of $300,000. | |
On May 2, 2012, the Massachusetts Securities Division entered a consent order settling an administrative complaint against RBC, which alleged that RBC recommended unsuitable products to its brokerage and advisory clients and failed to supervise its registered representatives’ sales of inverse and leveraged ETFs in violation of Section 204(a)(2) of the Massachusetts Uniform Securities Act (“MUSA”). Without admitting or denying the allegations of fact, RBC consented to permanently cease and desist from violations of MUSA, pay restitution of $2.9 million to the investors who purchased the inverse and leveraged ETFs and pay a civil monetary penalty of $250,000. | |
On September 27, 2011, the SEC commenced and settled an administrative proceeding against RBC for willful violations of Sections 17(a)(2) and 17(a)(3) of the 1933 Act for negligently selling the collateralized debt obligations to five Wisconsin school districts despite concerns about the suitability of the product. The firm agreed to pay disgorgement of $6.6 million, prejudgment interest of $1.8 million, and a civil monetary penalty of $22 million. | |
On February 24, 2009, the SEC commenced and settled an administrative proceeding against RBC for willful violations of Section 15B(c)(1) of the 1934 Act and Municipal Securities Rulemaking Board Rules G-17, G-20 and G-27, related to municipal expenses in connection with ratings agency trips. The firm was censured and paid a civil monetary penalty of $125,000. | |
On June 9, 2009, the SEC commenced and settled a civil action against RBC for willful violations of Section 15(c) of the 1934 Act, in connection with auction rate securities (ARS). The firm agreed to repurchase ARS owned by certain retail customers and to use best efforts to provide ineligible customers opportunities to liquidate ARS, and other ancillary relief. | |
Please see RBC’s Form BD for more details. | |
RBC Capital will only act as a clearing broker for USOF and as such will be paid commissions for executing and clearing trades on behalf of USOF. Prior to October 10, 2013, UBS Securities acted only as clearing broker for USOF and as such was paid commissions for executing and clearing trades on behalf of USOF. Neither RBC Capital nor UBS Securities has passed upon the adequacy or accuracy of this quarterly report on Form 10-Q. Neither RBC Capital nor UBS Securities will act in any supervisory capacity with respect to USCF or participate in the management of USCF or USOF. | |
Neither RBC Capital nor UBS Securities is affiliated with USOF or USCF. Therefore, neither USCF nor USOF believe that there are any conflicts of interest with RBC Capital and UBS Securities or their trading principals arising from their acting as USOF’s FCM. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition | ' |
Revenue Recognition | |
Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the condensed statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the condensed financial statements. Changes in the unrealized gains or losses between periods are reflected in the condensed statements of operations. USOF earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, USOF earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments. | |
Brokerage Commissions | ' |
Brokerage Commissions | |
Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. | |
Income Taxes | ' |
Income Taxes | |
USOF is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. | |
In accordance with GAAP, USOF is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. USOF files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. USOF is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in USOF recording a tax liability that reduces net assets. However, USOF’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. USOF recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the period ended September 30, 2013. | |
Creations and Redemptions | ' |
Creations and Redemptions | |
Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. | |
USOF receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in USOF’s condensed statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed. | |
Partnership Capital and Allocation of Partnership Income and Losses | ' |
Partnership Capital and Allocation of Partnership Income and Losses | |
Profit or loss shall be allocated among the partners of USOF in proportion to the number of units each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. | |
Calculation of Per Unit Net Asset Value | ' |
Calculation of Per Unit Net Asset Value | |
USOF’s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. USOF uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. | |
Net Income (Loss) Per Unit | ' |
Net Income (Loss) Per Unit | |
Net income (loss) per unit is the difference between the per unit NAV at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at September 30, 2013. | |
Offering Costs | ' |
Offering Costs | |
Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by USOF. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. | |
Reclassification | ' |
Reclassification | |
Certain amounts in the accompanying condensed financial statements were reclassified to conform to the current presentation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of condensed financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. | |
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Financial Highlights [Abstract] | ' | |||||||
Per Unit Performance Data And Other Supplemental Financial Data | ' | |||||||
The following table presents per unit performance data and other supplemental financial data for the nine months ended September 30, 2013 and 2012 for the unitholders. This information has been derived from information presented in the condensed financial statements. | ||||||||
For the nine months ended | For the nine months ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
(Unaudited) | (Unaudited) | |||||||
Per Unit Operating Performance: | ||||||||
Net asset value, beginning of period | $ | 33.42 | $ | 38.07 | ||||
Total income (loss) | 3.64 | -3.7 | ||||||
Total expenses | -0.2 | -0.19 | ||||||
Net increase (decrease) in net asset value | 3.44 | -3.89 | ||||||
Net asset value, end of period | $ | 36.86 | $ | 34.18 | ||||
Total Return | 10.29 | % | -10.22 | % | ||||
Ratios to Average Net Assets | ||||||||
Total income (loss) | 11.72 | % | -8.3 | % | ||||
Expenses excluding management fees* | 0.32 | % | 0.25 | % | ||||
Management fees* | 0.45 | % | 0.45 | % | ||||
Net income (loss) | 11.14 | % | -8.82 | % | ||||
* Annualized | ||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Valuation of Securities Using Fair Value Hierarchy | ' | |||||||||||||||
The following table summarizes the valuation of USOF’s securities at September 30, 2013 using the fair value hierarchy: | ||||||||||||||||
At September 30, 2013 | Total | Level I | Level II | Level III | ||||||||||||
Short-Term Investments | $ | 678,902,021 | $ | 678,902,021 | $ | — | $ | — | ||||||||
Exchange-Traded Futures Contracts | ||||||||||||||||
Foreign Contracts | 0 | 0 | — | — | ||||||||||||
United States Contracts | -28,282,250 | -28,282,250 | — | — | ||||||||||||
During the nine months ended September 30, 2013, there were no transfers between Level I and Level II. | ||||||||||||||||
The following table summarizes the valuation of USOF’s securities at December 31, 2012 using the fair value hierarchy: | ||||||||||||||||
At December 31, 2012 | Total | Level I | Level II | Level III | ||||||||||||
Short-Term Investments | $ | 965,890,925 | $ | 965,890,925 | $ | — | $ | — | ||||||||
Exchange-Traded Futures Contracts | ||||||||||||||||
Foreign Contracts | 9,680,000 | 9,680,000 | — | — | ||||||||||||
United States Contracts | 57,500,420 | 57,500,420 | — | — | ||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivatives not | Condensed | Fair Value | Fair Value | |||||||||||||
Accounted for | Statements of Financial | At September 30, 2013 | At December 31, 2012 | |||||||||||||
as Hedging | Condition Location | |||||||||||||||
Instruments | ||||||||||||||||
Futures - Commodity Contracts | Assets | $ | -28,282,250 | $ | 67,180,420 | |||||||||||
Effect of Derivative Instruments on Condensed Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Condensed Statements of Operations | ||||||||||||||||
For the nine months ended | For the nine months ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives not | Location of | Realized | Change in | Realized | Change in | |||||||||||
Accounted for | Gain or (Loss) | Gain or (Loss) | Unrealized | Gain or (Loss) | Unrealized | |||||||||||
as Hedging | on Derivatives | on Derivatives | Gain or (Loss) | on Derivatives | Gain or (Loss) | |||||||||||
Instruments | Recognized in | Recognized in | on Derivatives | Recognized in | on Derivatives | |||||||||||
Income | Income | Recognized in | Income | Recognized in | ||||||||||||
Income | Income | |||||||||||||||
Futures - | Realized gain (loss) on closed positions | $ | 202,833,940 | $ | -62,348,970 | |||||||||||
Commodity | ||||||||||||||||
Contracts | ||||||||||||||||
Change in unrealized gain (loss) on open positions | $ | -95,462,670 | $ | -43,579,520 | ||||||||||||
Organization_and_Business_Addi
Organization and Business (Additional Information) (Details) (USD $) | 1 Months Ended | ||||||
Apr. 30, 2006 | Apr. 10, 2006 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
Contract | |||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | |
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | ' | ' | $1,000 | ' | ' | ' | |
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 17,000,000 | ' | ' | ' | ' | ' | |
Net asset value per unit | ' | $67.39 | $36.86 | $33.42 | $34.18 | $38.07 | |
Number of units issued | ' | 200,000 | ' | ' | ' | ' | |
Value of units issued | ' | $13,479,000 | ' | ' | ' | ' | |
Number of registered units | ' | ' | 957,700,000 | ' | ' | ' | |
Creation Baskets [Member] | ' | ' | ' | ' | ' | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | |
Number of units per basket | ' | ' | 100,000 | ' | ' | ' | |
Open Futures Contracts, Long [Member] | United States [Member] | NYMEX WTI Crude Oil Futures CL August 2013 contracts, expiring July 2013 [Member] | ' | ' | ' | ' | ' | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | |
Number of Contracts | ' | ' | 7,638 | [1] | ' | ' | ' |
[1] | Collateral amounted to $95,919,549 on open futures contracts. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Line Items] | ' |
Basis points subtracted from overnight Federal Funds Rate | 32.00% |
Minimum likelihood of tax benefits being recognized upon ultimate settlement | 50.00% |
Maximum [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Cash equivalents maturity period | '6 months |
Redemption Baskets [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Number of units per basket | 100,000 |
Fees_Paid_by_Fund_and_Related_
Fees Paid by Fund and Related Party Transactions (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
USCF Management Fee | ' | ' | 'USOF is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45%per annum of average daily total net assets. | ' |
Percentage of average daily net assets | 0.45% | ' | 0.45% | ' |
Ongoing Registration Fees and Other Offering Expenses | $115,473 | $23,660 | $342,653 | $61,498 |
Licensing fee incurred | ' | ' | 103,200 | 142,730 |
Estimated investor tax reporting cost | ' | ' | 1,000,000 | ' |
USOF and the Related Public Funds [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Fees and expenses | ' | ' | 560,625 | ' |
Licensing Agreements [Member] | First $1,000,000,000 of combined net assets of the funds [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.04% | ' |
Licensing Agreements [Member] | First $1,000,000,000 of combined net assets of the funds [Member] | Maximum [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Combined assets basis for determining fee percentage | 1,000,000,000 | ' | 1,000,000,000 | ' |
Licensing Agreements [Member] | Combined net assets above $1,000,000,000 [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.02% | ' |
Licensing Agreements [Member] | Combined net assets above $1,000,000,000 [Member] | Minimum [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Combined assets basis for determining fee percentage | $1,000,000,000 | ' | $1,000,000,000 | ' |
Licensing Agreements [Member] | On and after October 20, 2011 [Member] | ' | ' | ' | ' |
Fees Paid and Related Party Transactions [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.02% | ' |
Assets basis for determining fee percentage | ' | ' | 'on all net assets | ' |
Contracts_and_Agreements_Addit
Contracts and Agreements (Additional information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Annual fee for transfer agency services | ' | ' | $20,000 | ' |
Brokerage commissions | 223,754 | 329,550 | 710,467 | 960,506 |
Ratio of expense to Average Net Assets | ' | ' | 0.10% | 0.10% |
Minimum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Annual fee for custody, fund accounting and fund administration services | ' | ' | 75,000 | ' |
Transaction fees per transaction | ' | ' | 7 | ' |
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts | ' | ' | 7 | ' |
Maximum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Transaction fees per transaction | ' | ' | 15 | ' |
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts | ' | ' | 15 | ' |
Rebalancing Investments Transaction [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Brokerage commissions | ' | ' | 550,238 | 786,899 |
Trades Necessitated By Creation And Redemption Activity [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Brokerage commissions | ' | ' | 160,229 | 173,607 |
First $500 million of USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.06% | ' |
First $500 million of USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets [Member] | Maximum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | 500,000,000 | ' | 500,000,000 | ' |
USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.05% | ' |
USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion [Member] | Minimum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | 500,000,000 | ' | 500,000,000 | ' |
USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion [Member] | Maximum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | 1,000,000,000 | ' | 1,000,000,000 | ' |
USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.04% | ' |
USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion [Member] | Minimum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | 1,000,000,000 | ' | 1,000,000,000 | ' |
Marketing Agreement [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Marketing fee exclusive of the incentive fee | ' | ' | 425,000 | ' |
Marketing Agreement [Member] | USOF's assets from $0- $500 million [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.00% | ' |
Marketing Agreement [Member] | USOF's assets from $500 million - $4 billion [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.04% | ' |
Marketing Agreement [Member] | USOF's assets from $500 million - $4 billion [Member] | Maximum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | 4,000,000,000 | ' | 4,000,000,000 | ' |
Marketing Agreement [Member] | USOF's assets in excess of $4 billion [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Fee percentage | ' | ' | 0.03% | ' |
Marketing Agreement [Member] | USOF's assets in excess of $4 billion [Member] | Minimum [Member] | ' | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ' | ' | ' | ' |
Base amount for determining fee percentage | $4,000,000,000 | ' | $4,000,000,000 | ' |
Financial_Instruments_OffBalan1
Financial Instruments, Off-Balance Sheet Risks and Contingencies (Additional Information) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Money Market Funds [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Deposits in domestic and foreign financial institutions, including cash investments in money market funds | $508,914,221 | $745,914,221 |
US Treasury Securities [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Deposits in domestic and foreign financial institutions, including cash investments in money market funds | $283,743,315 | $427,853,549 |
Financial_Highlights_Per_Unit_
Financial Highlights (Per Unit Performance Data and Other Supplemental Financial Data) (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Apr. 10, 2006 | |||
Per Unit Operating Performance | ' | ' | ' | ||
Net asset value per unit, beginning of period | $33.42 | $38.07 | $67.39 | ||
Total income (loss) | $3.64 | ($3.70) | ' | ||
Total expenses | ($0.20) | ($0.19) | ' | ||
Net increase (decrease) in net asset value | $3.44 | ($3.89) | ' | ||
Net asset value per unit, end of period | $36.86 | $34.18 | $67.39 | ||
Total Return | 10.29% | -10.22% | ' | ||
Ratios to Average Net Assets | ' | ' | ' | ||
Total income (loss) | 11.72% | -8.30% | ' | ||
Expenses excluding management fees | 0.32% | [1] | 0.25% | [1] | ' |
Management fees | 0.45% | [1] | 0.45% | [1] | ' |
Net income (loss) | 11.14% | -8.82% | ' | ||
[1] | Annualized |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Valuation of Securities Using Fair Value Hierarchy) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Short-Term Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | $678,902,021 | $965,890,925 |
Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | 0 | 9,680,000 |
Exchange-Traded Futures Contracts [Member] | United States [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | -28,282,250 | 57,500,420 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | 678,902,021 | 965,890,925 |
Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | 0 | 9,680,000 |
Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities, fair value | ($28,282,250) | $57,500,420 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Fair Value of Derivative Instruments) (Details) (Futures [Member], Commodity Contracts [Member], Assets [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Futures [Member] | Commodity Contracts [Member] | Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not Accounted for as Hedging Instruments | ($28,282,250) | $67,180,420 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Effect of Derivative Instruments on Statements of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized Gain or (Loss) on Derivatives Recognized in Income | $99,527,130 | $146,631,510 | $202,833,940 | ($62,348,970) |
Unrealized loss on open futures contracts | ' | ' | 95,462,670 | 43,579,520 |
Commodity Contracts [Member] | Realized gain (loss) on closed positions [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized Gain or (Loss) on Derivatives Recognized in Income | ' | ' | 202,833,940 | -62,348,970 |
Commodity Contracts [Member] | Change in unrealized gain (loss) on open positions [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Unrealized loss on open futures contracts | ' | ' | ($95,462,670) | ($43,579,520) |
Subsequent_Event_Additional_In
Subsequent Event (Additional Information) (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
Mar. 11, 2013 | 2-May-12 | Sep. 27, 2011 | Feb. 24, 2009 | |
Loss Contingency, Damages Awarded, Value | $150,000 | $250,000 | $22,000,000 | ' |
Loss Contingency Damages Suspended Value | 100,000 | ' | ' | ' |
Disgorgement Amount | 300,000 | ' | 6,600,000 | ' |
Restitution Amount | ' | 2,900,000 | ' | ' |
Litigation Settlement Interest | ' | ' | 1,800,000 | ' |
Loss Contingency, Damages Paid, Value | ' | ' | ' | $125,000 |