United States Natural Gas Fund (UNG) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity File Number	001-33096
Entity Registrant Name	United States Natural Gas Fund, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5576760
Entity Address, Address Line One	1850 Mt. Diablo Boulevard, Suite 640
Entity Address, City or Town	Walnut Creek
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94596
City Area Code	510
Local Phone Number	522-9600
Entity Central Index Key	0001376227
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Title of 12(b) Security	Shares of United States Natural Gas Fund, LP
Security Exchange Name	NYSE
Trading Symbol	UNG
Entity Common Stock, Shares Outstanding		27,184,588
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false

Condensed Statements of Financi

Condensed Statements of Financial Condition - USD ($)		Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents (at cost $281,249,136 and $375,588,135, respectively) (Notes 2 and 5)		$ 281,249,136	$ 375,588,135
Equity in trading accounts:
Cash and cash equivalents (at cost $61,501,809 and $83,410,316, respectively)		61,501,809	83,410,316
Unrealized gain (loss) on open commodity futures contracts		(18,653,136)	(20,768,690)
Receivable for shares sold		3,453,318	6,765,424
Dividends receivable		3,392	140,270
Interest receivable		5,272	5,227
Prepaid insurance	[1]	27,403	7,569
Prepaid registration fees		186,090	467,490
ETF transaction fees receivable		0	1,000
Total Assets		327,773,284	445,616,741
Liabilities and Partners' Capital
Payable for shares redeemed		10,353,743	0
General Partner management fees payable (Note 3)		165,013	207,145
Professional fees payable		556,366	786,718
Brokerage commissions payable		160,277	36,300
Directors' fees payable	[1]	4,959	10,691
License fees payable		9,796	2,633
Total Liabilities		11,250,154	1,043,487
Commitments and Contingencies (Notes 3, 4 & 5)
Partners' Capital
General Partners		0	0
Limited Partners		316,523,130	444,573,254
Total Partners' Capital		316,523,130	444,573,254
Total Liabilities and Partners' Capital		$ 327,773,284	$ 445,616,741
Limited Partners' shares outstanding		27,884,588	26,284,588
Net asset value per share		$ 11.35	$ 16.91
Market value per share		$ 11.41	$ 16.86
[1]	Certain prior year amounts have been reclassified for consistency with the current presentation.

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2020USD ($)
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts	$ (18,653,136)
Money Market Funds [Member]
Market Value	$ 21,143,000
% of Partners' Capital	6.68%
Money Market Funds [Member] | Fidelity Investments Money Market Funds Government Portfolio [Member]
Shares/Principal Amount	$ 1,103,000	[1]
Market Value	$ 1,103,000	[1]
% of Partners' Capital	0.35%	[1]
Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member]
Shares/Principal Amount	$ 10,022,000	[1]
Market Value	$ 10,022,000	[1]
% of Partners' Capital	3.17%	[1]
Open Commodity Futures Contracts, Long [Member] | United States Contracts | Nymex Natural Gas Future NG November 2020 Contracts Expiring October 2020 Member
Notional Amount	$ 335,185,156	[2]
Number of Contracts	12,526	[2]
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts	$ (18,653,136)	[2]
% of Partners' Capital	(5.89%)	[2]
Cash Equivalents [Member] | United States Contracts | Money Market Funds [Member] | RBC U.S. Government Money Market Fund - Institutional Share Class [Member]
Shares/Principal Amount	$ 10,018,000	[1]
Market Value	$ 10,018,000	[1]
% of Partners' Capital	3.16%	[1]
[1]	Reflects the 7-day yield at September 30, 2020.
[2]	Collateral amounted to $61,501,809 on open commodity futures contracts.

Condensed Schedule of Investm_2

Condensed Schedule of Investments (Parenthetical)	Sep. 30, 2020USD ($)
Collateral Amount On Open Commodity Futures Contracts	$ 61,501,809
Cash Equivalents [Member] | Money Market Funds [Member] | Fidelity Investments Money Market Funds Government Portfolio [Member]
Investment Interest Rate	0.01%
Cash Equivalents [Member] | Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member]
Investment Interest Rate	0.00%
Cash Equivalents [Member] | Money Market Funds [Member] | RBC U.S. Government Money Market Fund - Institutional Share Class [Member]
Investment Interest Rate	0.03%

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$ 74,366,067	$ 46,921,535	$ (152,858,513)	$ (57,790,242)
Change in unrealized gain (loss) on open commodity futures contracts		(20,009,146)	(31,565,385)	2,115,554	30,374,062
Realized gain (loss) on short investments					93
Dividend income		58,452	220,411	831,631	369,525
Interest income	[1]	125,322	1,473,249	1,805,898	4,694,763
ETF transaction fees		32,000	23,000	118,070	80,000
Total Income (Loss)		54,572,695	17,072,810	(147,987,360)	(22,271,799)
Expenses
General Partner management fees (Note 3)		551,554	459,462	1,820,959	1,304,670
Professional fees		162,876	161,187	514,887	641,209
Brokerage commissions		369,980	290,231	1,538,224	812,893
Directors' fees and insurance		19,075	18,785	63,273	49,368
License fees		13,789	11,487	45,524	32,617
Registration fees		101,400	34,621	281,400	75,440
Total Expenses		1,218,674	975,773	4,264,267	2,916,197
Net Income (Loss)		$ 53,354,021	$ 16,097,037	$ (152,251,627)	$ (25,187,996)
Net Income (Loss) per limited partner share		$ 1.10	$ 0.10	$ (5.56)	$ (4.42)
Net Income (Loss) per weighted average limited partner share		$ 1.73	$ 1.06	$ (4.77)	$ (1.90)
Weighted average limited partner shares outstanding		30,816,110	15,161,762	31,924,734	13,234,039
[1]	*     Interest income does not exceed paid in kind of 5%.

Condensed Statement of Changes

Condensed Statement of Changes in Partners' Capital - USD ($)	General Partners [Member]	Limited Partners [Member]	Total
Balances at Dec. 31, 2018		$ 248,014,523
Addition of partnership shares,respectively		533,947,245
Redemption of partnership shares,respectively		(499,942,062)
Net income (loss)		(25,187,996)	$ (25,187,996)
Balances at Sep. 30, 2019	$ 0	256,831,710
Balances at Jun. 30, 2019		324,941,153
Addition of partnership shares,respectively		87,413,405
Redemption of partnership shares,respectively		(171,619,885)
Net income (loss)		16,097,037	16,097,037
Balances at Sep. 30, 2019	0	256,831,710
Balances at Dec. 31, 2019		444,573,254	444,573,254
Addition of partnership shares,respectively		598,855,602
Redemption of partnership shares,respectively		(574,654,099)
Net income (loss)		(152,251,627)	(152,251,627)
Balances at Sep. 30, 2020	0	316,523,130	316,523,130
Balances at Jun. 30, 2020		383,377,266
Addition of partnership shares,respectively		93,213,810
Redemption of partnership shares,respectively		(213,421,967)
Net income (loss)		53,354,021	53,354,021
Balances at Sep. 30, 2020	$ 0	$ 316,523,130	$ 316,523,130

Condensed Statements of Changes

Condensed Statements of Changes in Partners' Capital (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Statement of Changes in Partners' Capital
Addition of partnership units	8,000,000	4,600,000	46,600,000	24,000,000
Redemption of partnership units	(17,500,000)	(8,100,000)	(45,000,000)	(21,300,000)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income (loss)		$ (152,251,627)	$ (25,187,996)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts		2,115,554	30,374,062
(Increase) decrease in dividends receivable		136,878	8,143
(Increase) decrease in interest receivable		(45)	1,841
(Increase) decrease in prepaid insurance	[1]	(19,834)	(7,104)
(Increase) decrease in prepaid registration fees		281,400	(461,476)
(Increase) decrease in ETF transaction fees receivable		1,000	1,000
Increase (decrease) in General Partner management fees payable		(42,132)	(29,620)
Increase (decrease) in professional fees payable		(230,352)	(237,165)
Increase (decrease) in brokerage commissions payable		123,977	0
Increase (decrease) in directors' fees payable	[1]	(5,732)	(344)
Increase (decrease) in license fees payable		7,163	(3,480)
Net cash provided by (used in) operating activities		(154,114,858)	(56,290,263)
Cash Flows from Financing Activities:
Addition of partnership shares		602,167,708	533,947,245
Redemption of partnership shares		(564,300,356)	(543,775,338)
Net cash provided by (used in) financing activities		37,867,352	(9,828,093)
Net Increase (Decrease) in Cash and Cash Equivalents		(116,247,506)	(66,118,356)
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		458,998,451	359,791,174
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$ 342,750,945	$ 293,672,818
[1]	Certain prior year amounts have been reclassified for consistency with the current presentation.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Components of Cash and Cash Equivalents:
Cash and cash equivalents	$ 281,249,136	$ 234,515,131
Equity in Trading Accounts:
Cash and cash equivalents	61,501,809	59,157,687
Total Cash, Cash Equivalents and Equity in Trading Accounts	342,750,945	293,672,818
Cash And Cash Equivalents And Equity In Trading Accounts	$ 342,750,945	$ 293,672,818

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2020
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS	NOTE 1 — ORGANIZATION AND BUSINESS The United States Natural Gas Fund, LP (“UNG”) was organized as a limited partnership under the laws of the state of Delaware on September 11, 2006. UNG is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). Prior to November 25, 2008, UNG’s shares traded on the American Stock Exchange (the “AMEX”). UNG will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Fifth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”). The investment objective of UNG is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the price of the futures contract for natural gas 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 it will be measured by the futures contract that is the next month contract to expire (the “Benchmark Futures Contract”), plus interest earned on UNG’s collateral holdings, less UNG’s expenses. UNG seeks to achieve its investment objective by investing so that the average daily percentage change in UNG’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10)% of the average daily percentage change in the price of the Benchmark Futures Contract over the same period. UNG’s investment objective is not nor greater than one day United States Commodity Funds LLC (“USCF”), the general partner of UNG, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Natural Gas Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below). The net assets of UNG consist primarily of investments in futures contracts for natural gas that are traded on the NYMEX, ICE Futures Exchange (“ICE Futures”) or other U.S. and foreign exchanges (collectively, “Natural Gas Futures Contracts”) and, to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, other natural gas-related investments such as cash-settled options on Natural Gas Futures Contracts, forward contracts for natural gas, cleared swap contracts, and non-exchange traded over-the-counter (“OTC”) transactions that are based on the price of natural gas, crude oil and other petroleum-based fuels, as well as futures contracts for crude oil, diesel-heating oil, gasoline and other petroleum-based fuels and indices based on the foregoing (collectively, “Other Natural Gas-Related Investments”). Market conditions that USCF currently anticipates could cause UNG to invest in Other Natural Gas-Related Investments including those allowing UNG to obtain greater liquidity or to execute transactions with more favorable pricing. For convenience and unless otherwise specified, Natural Gas Futures Contracts and Other Natural Gas-Related Investments collectively are referred to as “Natural Gas Interests” in this quarterly report on Form 10-Q. As of September 30, 2020, UNG held 12,526 NG Futures November 2020 Contracts traded on the NYMEX and did not UNG commenced investment operations on April 18, 2007 and has a fiscal year ending on December 31. USCF is responsible for the management of UNG. USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013. USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States 12 Month Oil Fund, LP (“USL”) and the United States Gasoline Fund, LP (“UGA”), which listed their limited partnership shares on the AMEX under the ticker symbols “USO” on April 10, 2006, “USL” on December 6, 2007 and “UGA” on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, USL’s and UGA’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. USCF previously served as the general partner for the United States Short Oil Fund, LP (“DNO”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), both of which were liquidated in 2018. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”) and the USCF Crescent Crypto Index Fund (“XBET”), each a series of the United States Commodity Index Funds Trust (“USCIFT”). USCF previously served as the sponsor for the United States Agricultural Index Fund (“USAG”) a series of USCIFT which was liquidated in 2018. A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020. USCI and CPER listed their shares on the NYSE Arca under the ticker symbols “USCI” on August 10, 2010 and “CPER” on November 15, 2011, respectively. In addition, USCF was the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the United States 3x Short Oil Fund (“USOD”), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker symbols “USOU” and “USOD”, respectively. Each of USOU and USOD liquidated all of its assets and distributed cash pro rata to all remaining shareholders in December 2019. USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.” UNG issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“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 share 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. Authorized Participants pay UNG a $1,000 transaction 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 shares. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of UNG but rather at market prices quoted on such exchange. In April 2007, UNG initially registered 30,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On April 18, 2007, UNG listed its shares on the AMEX under the ticker symbol “UNG” and switched to trading on the NYSE Arca under the same ticker symbol on November 25, 2008. On that day, UNG established its initial per share NAV by setting the price at $50.00 and issued 200,000 shares in exchange for $10,001,000. UNG also commenced investment operations on April 18, 2007, by purchasing Natural Gas Futures Contracts traded on the NYMEX based on natural gas. As of September 30, 2020, UNG had registered a total of 2,280,000 shares. On January 4, 2018, after the close of trading on the NYSE Arca, UNG effected a 1-for- 4 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 in the United States of America (“U.S. GAAP”). 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNG is an investment company and follows the accounting and reporting guidance in FASB Topic 946. 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. UNG earns income on funds held at the custodian or futures commission merchants (“FCMs”) 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 UNG 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 U.S. GAAP, UNG 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. UNG files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. UNG is not subject to income tax return examinations by major taxing authorities for years before 2017. 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 UNG recording a tax liability that reduces net assets. However, UNG’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. UNG 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, 2020. Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. UNG receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNG’s condensed statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UNG a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of UNG in proportion to the number of shares 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 Share NAV UNG’s per share 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 shares outstanding. UNG 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 Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at September 30, 2020. Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNG. 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 U.S. 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 RELAT

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
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 UNG in accordance with the objectives and policies of UNG. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to UNG. For these services, UNG is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets of $1,000,000,000 or less and 0.50% per annum of average daily total net assets that are greater than $1,000,000,000. Ongoing Registration Fees and Other Offering Expenses UNG pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the nine months ended September 30, 2020 and 2019, UNG incurred $281,400 and $75,440, respectively, in registration fees and offering expenses. Independent Directors’ and Officers’ Expenses UNG is responsible for paying its portion of the directors’ and officers’ liability insurance for UNG and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UNG and the Related Public Funds. UNG 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 Related Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2020 are estimated to be a total of $80,000 for UNG and, in the aggregate for UNG and the Related Public Funds, $574,000. Licensing Fees As discussed in Note 4 below, UNG entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, UNG and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net assets. During the nine months ended September 30, 2020 and 2019, UNG incurred $45,524 and $32,617, respectively under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with UNG’s audit expenses and tax accounting and reporting requirements are paid by UNG. These costs are estimated to be $700,000 for the year ending December 31, 2020. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees In addition to the fees described above, UNG pays all brokerage fees and other expenses in connection with the operation of UNG, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below.

CONTRACTS AND AGREEMENTS

CONTRACTS AND AGREEMENTS	9 Months Ended
	Sep. 30, 2020
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS	NOTE 4 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement UNG is party to a marketing agent agreement, dated as of April 17, 2007, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for UNG as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06% on UNG’s assets up to $3 billion and 0.04% on UNG’s assets in excess of $3 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 UNG’s offering. The above fee does not include website construction and development, which are also borne by USCF. Custody, Transfer Agency and Fund Administration and Accounting Services Agreements USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide UNG and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020: (i) a Custody Agreement; (ii) a Fund Administration and Accounting Agreement; and (iii) a Transfer Agency and Service Agreement. USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time. Brown Brothers Harriman and Co. (“BBH&Co.”) previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for UNG and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020. Certain fund accounting and fund administration services rendered by BBH&Co. to UNG and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon. Brokerage and Futures Commission Merchant Agreements UNG entered into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as UNG’s FCM effective October 10, 2013. In addition, UNG entered into a Commodity Futures Customer Agreement dated as of May 28, 2020 with RCG Division of Marex Spectron (“RCG”) and a Customer Agreement with ED & F Man Capital Markets Inc. (“MCM”) on June 5, 2020, pursuant to which RCG and MCM each act as an FCM for UNG. The agreements with UNG’s FCMs require the FCMs to provide services to UNG in connection with the purchase and sale of Natural Gas Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through the applicable FCM for UNG’s account. In accordance with the FCM agreements, UNG pays each FCM commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Natural Gas Futures Contracts and options on Natural Gas Futures Contracts. Such fees include those incurred when purchasing Natural Gas Futures Contracts and options on Natural Gas Futures Contracts when UNG issues shares as a result of a Creation Basket, as well as fees incurred when selling Natural Gas Futures Contracts and options on Natural Gas Futures Contracts when UNG redeems shares as a result of a Redemption Basket. Such fees are also incurred when Natural Gas Futures Contracts and options on Natural Gas Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. UNG also incurs commissions to brokers for the purchase and sale of Natural Gas Futures Contracts, Other Natural Gas-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months Nine months ​ ​ ended ​ ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ 2019 ​ Total commissions accrued to brokers ​ $ 1,538,224 ​ $ 812,893 ​ Total commissions as annualized percentage of average ​ 0.51 % ​ 0.37 % Commissions accrued as a result of rebalancing ​ $ 1,370,685 ​ $ 691,311 ​ Percentage of commissions accrued as a result of ​ 89.11 % 85.04 % Commissions accrued as a result of creation and ​ $ 167,539 ​ $ 121,582 ​ Percentage of commissions accrued as a result of creation ​ 10.89 % 14.96 % ​ The increase in total commissions accrued to brokers for the nine months ended September 30, 2020, compared to the nine months ended September 30, 2019, was due primarily to a higher number of natural gas futures contracts being held and traded . NYMEX Licensing Agreement UNG and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby UNG was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, UNG and the Related Public Funds, other than BNO, USCI and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. UNG expressly disclaims any association with the NYMEX or endorsement of UNG by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX.

FINANCIAL INSTRUMENTS, OFF-BALA

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	NOTE 5 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES UNG may engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). UNG 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. UNG may enter into futures contracts, options on futures contracts, cleared swaps, and OTC-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. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. OTC swaps are entered into between two parties in private contracts. In an OTC swap, each party bears credit risk to the other party, i.e., the risk that the other party may not be able to perform its obligations under the OTC swap. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. To reduce the credit risk that arises in connection with OTC swaps, UNG will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty. The Master Agreement is negotiated as between the parties and would address, among other things, the exchange of margin between the parties. Futures contracts, options on 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 UNG 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. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. As to OTC swaps, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared swaps, because the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction. All of the futures contracts held by UNG through September 30, 2020 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if UNG 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. UNG 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, UNG bears the risk of financial failure by the clearing broker. A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. UNG’s cash and other property, such as Treasuries, deposited with its FCMs are considered commingled with all other customer funds, subject to such FCM’s segregation requirements. In the event of an FCM’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 an FCM could result in the complete loss of UNG’s assets posted with that FCM; however, the majority of UNG’s assets are held in investments in Treasuries, cash and/or cash equivalents with UNG’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of UNG’s custodian, however, could result in a substantial loss of UNG’s assets. USCF invests a portion of UNG’s cash in money market funds that seek to maintain a stable per share NAV. UNG is exposed to any risk of loss associated with an investment in such money market funds. As of September 30, 2020 and December 31, 2019, UNG held investments in money market funds in the amounts of $21,143,000 and $160,000,000, respectively. UNG also holds cash deposits with its custodian. As of September 30, 2020 and December 31, 2019, UNG held cash deposits and investments in Treasuries in the amounts of $321,607,945 and $298,998,451, respectively, with the custodian and FCMs. Some or all of these amounts may be subject to loss should UNG’s custodian and/or FCMs cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, UNG is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short or that the value of the futures contract could fall below zero. As both a buyer and a seller of options, UNG 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. UNG’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, UNG 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 UNG 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, 2020
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 6 — FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2020 and 2019 for the shareholders. This information has been derived from information presented in the condensed financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended Nine months ended Nine months ended ​ ​ September 30, 2020 ​ September 30, 2019 ​ September 30, 2020 September 30, 2019 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ Per Share Operating Performance: ​ ​ ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.25 ​ $ 19.83 ​ $ 16.91 ​ $ 24.35 ​ Total income (loss) ​ 1.14 ​ 0.16 ​ (5.43) ​ (4.20) ​ Total expenses ​ (0.04) ​ (0.06) ​ (0.13) ​ (0.22) ​ Net increase (decrease) in net asset value ​ 1.10 ​ 0.10 ​ (5.56) ​ (4.42) ​ Net asset value, end of period ​ $ 11.35 ​ $ 19.93 ​ $ 11.35 ​ $ 19.93 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ 10.73 % 0.50 % (32.88) % (18.15) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ ​ Total income (loss) ​ 14.92 % 5.62 % (36.50) % (7.66) % Management fees * ​ 0.60 % 0.60 % 0.60 % 0.60 % Expenses excluding management fees * ​ 0.73 % 0.67 % 0.81 % 0.74 % Net income (loss) ​ 14.59 % 5.30 % (37.56) % (8.66) % * Annualized. Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UNG.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7 — FAIR VALUE OF FINANCIAL INSTRUMENTS UNG 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 UNG (observable inputs) and (2) UNG’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 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 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 UNG’s securities at September 30, 2020 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2020 Total Level I Level II Level III Short-Term Investments ​ $ 21,143,000 ​ $ 21,143,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ (18,653,136) ​ (18,653,136) ​ — ​ — ​ The following table summarizes the valuation of UNG’s securities at December 31, 2019 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 Total Level I Level II Level III Short-Term Investments ​ $ 418,959,876 ​ $ 418,959,876 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ (20,768,690) ​ (20,768,690) ​ — ​ — ​ Effective January 1, 2009, UNG 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ ​ Condition ​ September 30, ​ December 31, Derivatives not Accounted for as Hedging Instruments ​ Location ​ 2020 ​ 2019 Futures - Commodity Contracts Assets ​ $ (18,653,136) ​ $ (20,768,690) ​ The Effect of Derivative Instruments on the Condensed Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ For the nine months ended ​ ​ ​ ​ September 30, 2020 ​ September 30, 2019 ​ ​ ​ ​ ​ ​ ​ Change in ​ ​ ​ ​ Change in ​ ​ ​ ​ Realized gain ​ Unrealized Gain ​ Realized Gain ​ Unrealized Gain ​ ​ ​ ​ (Loss) on ​ (Loss) on ​ (Loss) in ​ (Loss) on ​ ​ Location of Gain (Loss) on ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives Derivatives not Accounted for ​ Derivatives Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in as Hedging Instruments Income Income Income Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ (152,858,513) $ — ​ $ (57,790,242) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ 2,115,554 ​ ​ ​ ​ $ 30,374,062 ​

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2020
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 8 — RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Fund has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9 — SUBSEQUENT EVENTS UNG has performed an evaluation of subsequent events through the date the condensed financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The condensed financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNG is an investment company and follows the accounting and reporting guidance in FASB Topic 946.
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. UNG earns income on funds held at the custodian or futures commission merchants (“FCMs”) 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 UNG 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 U.S. GAAP, UNG 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. UNG files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. UNG is not subject to income tax return examinations by major taxing authorities for years before 2017. 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 UNG recording a tax liability that reduces net assets. However, UNG’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. UNG 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, 2020.
Creations and Redemptions	Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. UNG receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNG’s condensed statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UNG a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.
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 UNG in proportion to the number of shares 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 Share NAV	Calculation of Per Share NAV UNG’s per share 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 shares outstanding. UNG 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 Share	Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at September 30, 2020.
Offering Costs	Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNG. 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 U.S. 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.

CONTRACTS AND AGREEMENTS (Table

CONTRACTS AND AGREEMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
CONTRACTS AND AGREEMENTS
Schedule of brokerage commissions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months Nine months ​ ​ ended ​ ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 ​ 2019 ​ Total commissions accrued to brokers ​ $ 1,538,224 ​ $ 812,893 ​ Total commissions as annualized percentage of average ​ 0.51 % ​ 0.37 % Commissions accrued as a result of rebalancing ​ $ 1,370,685 ​ $ 691,311 ​ Percentage of commissions accrued as a result of ​ 89.11 % 85.04 % Commissions accrued as a result of creation and ​ $ 167,539 ​ $ 121,582 ​ Percentage of commissions accrued as a result of creation ​ 10.89 % 14.96 % ​

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	9 Months Ended
	Sep. 30, 2020
FINANCIAL HIGHLIGHTS
Schedule of per share performance data and other supplemental financial data	The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2020 and 2019 for the shareholders. This information has been derived from information presented in the condensed financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended Nine months ended Nine months ended ​ ​ September 30, 2020 ​ September 30, 2019 ​ September 30, 2020 September 30, 2019 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ Per Share Operating Performance: ​ ​ ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.25 ​ $ 19.83 ​ $ 16.91 ​ $ 24.35 ​ Total income (loss) ​ 1.14 ​ 0.16 ​ (5.43) ​ (4.20) ​ Total expenses ​ (0.04) ​ (0.06) ​ (0.13) ​ (0.22) ​ Net increase (decrease) in net asset value ​ 1.10 ​ 0.10 ​ (5.56) ​ (4.42) ​ Net asset value, end of period ​ $ 11.35 ​ $ 19.93 ​ $ 11.35 ​ $ 19.93 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ 10.73 % 0.50 % (32.88) % (18.15) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ ​ Total income (loss) ​ 14.92 % 5.62 % (36.50) % (7.66) % Management fees * ​ 0.60 % 0.60 % 0.60 % 0.60 % Expenses excluding management fees * ​ 0.73 % 0.67 % 0.81 % 0.74 % Net income (loss) ​ 14.59 % 5.30 % (37.56) % (8.66) % * Annualized.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of valuation of UNG's securities using the fair value hierarchy	The following table summarizes the valuation of UNG’s securities at September 30, 2020 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2020 Total Level I Level II Level III Short-Term Investments ​ $ 21,143,000 ​ $ 21,143,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ (18,653,136) ​ (18,653,136) ​ — ​ — ​ The following table summarizes the valuation of UNG’s securities at December 31, 2019 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 Total Level I Level II Level III Short-Term Investments ​ $ 418,959,876 ​ $ 418,959,876 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ (20,768,690) ​ (20,768,690) ​ — ​ — ​
Schedule of fair value of derivative instruments	Fair Value of Derivative Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ ​ Condition ​ September 30, ​ December 31, Derivatives not Accounted for as Hedging Instruments ​ Location ​ 2020 ​ 2019 Futures - Commodity Contracts Assets ​ $ (18,653,136) ​ $ (20,768,690)
Schedule of effect of derivative instruments on the 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, 2020 ​ September 30, 2019 ​ ​ ​ ​ ​ ​ ​ Change in ​ ​ ​ ​ Change in ​ ​ ​ ​ Realized gain ​ Unrealized Gain ​ Realized Gain ​ Unrealized Gain ​ ​ ​ ​ (Loss) on ​ (Loss) on ​ (Loss) in ​ (Loss) on ​ ​ Location of Gain (Loss) on ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives Derivatives not Accounted for ​ Derivatives Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in as Hedging Instruments Income Income Income Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ (152,858,513) $ — ​ $ (57,790,242) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ 2,115,554 ​ ​ ​ ​ $ 30,374,062

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)	Jan. 04, 2018$ / sharesshares	Apr. 30, 2007	Apr. 18, 2007USD ($)$ / sharesshares	Sep. 30, 2020$ / shares$ / item	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Dec. 31, 2018$ / shares
Organization, Consolidation and Presentation of Financial Statements Disclosure
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ / item				1,000
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission		30,000,000
Net Asset Value Per Unit | $ / shares				$ 11.35	$ 10.25	$ 16.91	$ 19.93	$ 19.83	$ 24.35
Number of units issued			200,000
Value of unit issued | $			$ 10,001,000
Number of registered units				2,280,000
Issued units	912,318,300
Number of successive valuation days				30 days
Average daily percentage change in the price of the Benchmark Futures Contract considered				10.00%
Prior to Reverse Split [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Net Asset Value Per Unit | $ / shares	$ 5.69		$ 50
Issued units	97,466,476
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25
Following Reverse Split [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Net Asset Value Per Unit | $ / shares	$ 22.76
Capital Units, Outstanding	24,366,619
Creation Baskets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of units per basket | $ / item				100,000
Redemption Baskets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of units per basket | $ / item				100,000
Open Commodity Futures Contracts, Long [Member] | United States Contracts | NYMEX Natural Gas Futures Contracts [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of Contracts				12,526
Open Commodity Futures Contracts, Long [Member] | United States Contracts | ICE Natural Gas Futures LD1 H Contracts [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of Contracts				0

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2020USD ($)$ / item
Significant Accounting Policies
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
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $	$ 0
Redemption Baskets [Member]
Significant Accounting Policies
Number of units per basket	100,000

FEES PAID BY THE FUND AND REL_2

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)
Fees Paid and Related Party Transactions [Line Items]
Licensing fee incurred	$ 13,789	$ 11,487	$ 45,524	$ 32,617
Estimated directors fees and expenses	19,075	$ 18,785	$ 63,273	49,368
Scenario, Forecast [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated investor tax reporting cost					$ 700,000
USNG and the Related Public Funds [Member] | Scenario, Forecast [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses					574,000
UNITED STATES GAS FUND LP [Member]
Fees Paid and Related Party Transactions [Line Items]
Monthly fee obligated to pay on average daily total net assets, maximum base fee 1,000,000,000 (as a percentage)			0.60
Average daily total net assets	$ 1,000,000,000		$ 1,000,000,000
Monthly fee obligated to pay on average daily total net assets (as a percentage)			0.50
UNITED STATES GAS FUND LP [Member] | Scenario, Forecast [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses					$ 80,000
Licensing Agreements [Member]
Fees Paid and Related Party Transactions [Line Items]
Fee percentage			0.015%
United States Oil Fund LP [Member]
Fees Paid and Related Party Transactions [Line Items]
Ongoing Registration Fees and Other Offering Expenses			$ 281,400	$ 75,440

CONTRACTS AND AGREEMENTS - Brok

CONTRACTS AND AGREEMENTS - Brokerage Commission (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commissions accrued to brokers	$ 369,980	$ 290,231	$ 1,538,224	$ 812,893
Percentage of commissions accrued	0.51%	0.37%	0.51%	0.37%
Rebalancing Investments Transaction [Member]
Commissions accrued to brokers			$ 1,370,685	$ 691,311
Percentage of commissions accrued	89.11%	85.04%	89.11%	85.04%
Creation And Redemption Activity [Member]
Commissions accrued to brokers			$ 167,539	$ 121,582
Percentage of commissions accrued	10.89%	14.96%	10.89%	14.96%

CONTRACTS AND AGREEMENTS - Addi

CONTRACTS AND AGREEMENTS - Additional Information (Details) $ in Billions	9 Months Ended
	Sep. 30, 2020USD ($)$ / item
Maximum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ / item	8
Minimum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ / item	7
Marketing Agreement [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.04%
Marketing Agreement [Member] | USNG's assets up to $3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.06%
Base amount for determining fee percentage | $	$ 3
Marketing Agreement [Member] | USNG's assets in excess of $3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	10.00%
Marketing Agreement [Member] | USNG's assets in excess of $3 billion [Member] | Minimum [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Base amount for determining fee percentage | $	$ 3

FINANCIAL INSTRUMENTS, OFF-BA_2

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
Cash investments in money market funds	$ 21,143,000	$ 160,000,000
Deposits in domestic and foreign financial institutions	$ 321,607,945	$ 298,998,451

FINANCIAL HIGHLIGHTS - Per shar

FINANCIAL HIGHLIGHTS - Per share performance data and other supplemental financial data (Details) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Per Share Operating Performance:
Net asset value, beginning of period		$ 10.25	$ 19.83	$ 16.91	$ 24.35
Total income (loss)		1.14	0.16	(5.43)	(4.20)
Total expenses		(0.04)	(0.06)	(0.13)	(0.22)
Net increase (decrease) in net asset value		1.10	0.10	(5.56)	(4.42)
Net asset value, end of period		$ 11.35	$ 19.93	$ 11.35	$ 19.93
Total Return		10.73%	0.50%	(32.88%)	(18.15%)
Ratios to Average Net Assets
Total income (loss)		14.92%	5.62%	(36.50%)	(7.66%)
Management fees	[1]	0.60%	0.60%	0.60%	0.60%
Expenses excluding management fees	[1]	0.73%	0.67%	0.81%	0.74%
Net income (loss)		14.59%	5.30%	(37.56%)	(8.66%)
[1]	Annualized.

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Securities Using Fair Value Hierarchy (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 21,143,000	$ 418,959,876
Exchange-Traded Futures Contracts [Member] | United States Contracts [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	(18,653,136)	(20,768,690)
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	21,143,000	418,959,876
Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States Contracts [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	(18,653,136)	(20,768,690)
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | United States Contracts [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | United States Contracts [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commodity Contracts [Member] | Futures - Commodity Contracts [Member] | Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives not Accounted for as Hedging Instruments	$ (18,653,136)	$ (20,768,690)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Derivative Instruments on Condensed Statements of Operations (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on open position	$ 2,115,554	$ 30,374,062
Commodity Contracts [Member] | Futures - Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on closed position	(152,858,513)	(57,790,242)
Change in Unrealized Gain (Loss) on open position	$ 2,115,554	$ 30,374,062