United States 12 Month Natural Gas Fund (UNL) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	United States 12 Month Natural Gas Fund, LP
Entity Central Index Key	1,405,513
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	UNL
Entity Common Stock, Shares Outstanding		1,250,000

Condensed Statements of Financi

Condensed Statements of Financial Condition - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents (Notes 2 and 5)	$ 12,927,095	$ 15,113,447
Equity in trading accounts:
Cash and cash equivalents	2,957,554	5,525,172
Unrealized gain (loss) on open commodity futures contracts	(2,340,556)	(4,919,890)
Receivable for shares sold	0	733,461
Receivable from General Partner (Note 3)	64,848	66,266
Dividends receivable	246	247
Directors' fees and insurance receivable	1,535	1,112
ETF transaction fees receivable	0	350
Total assets	13,610,722	16,520,165
Liabilities and Partners' Capital
General Partner management fees payable (Note 3)	8,959	11,069
Professional fees payable	61,403	80,049
Brokerage commissions payable	1,581	1,581
License fees payable	910	998
Total liabilities	$ 72,853	$ 93,697
Commitments and Contingencies (Notes 3, 4 and 5)
Partners' Capital
General Partner	$ 0	$ 0
Limited Partners	13,537,869	16,426,468
Total Partners' Capital	13,537,869	16,426,468
Total liabilities and partners' capital	$ 13,610,722	$ 16,520,165
Limited Partners' shares outstanding	1,200,000	1,200,000
Net asset value per share	$ 11.28	$ 13.69
Market value per share	$ 11.26	$ 13.81

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2015USD ($)Number
United State [Member] | Money Market Funds [Member]
Market Values	$ 9,510,692
% of Partners' Capital	70.25%
United State [Member] | Morgan Stanley Institutional Liquidity Fund - Government Portfolio [Member] | Money Market Funds [Member]
Principal Amount	$ 6,510,691
Market Values	$ 6,510,692
% of Partners' Capital	48.09%
United State [Member] | Wells Fargo Advantage Government Money Market Fund - Class I [Member] | Money Market Funds [Member]
Principal Amount	$ 3,000,000
Market Values	$ 3,000,000
% of Partners' Capital	22.16%
Cash Equivalents [Member] | US Treasury Securities [Member]
Market Values	$ 1,998,558
% of Partners' Capital	14.77%
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.19%, 2/04/2016 [Member]
Principal Amount	$ 1,000,000
Market Values	$ 999,352
% of Partners' Capital	7.39%
Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills: 0.22%, 2/11/2016 [Member]
Principal Amount	$ 1,000,000
Market Values	$ 999,206
% of Partners' Capital	7.38%
Cash Equivalents [Member] | United State [Member]
Market Values	$ 11,509,250
% of Partners' Capital	85.02%
Open Futures Contracts, Long [Member] | United State [Member]
Number of Contracts | Number	493	[1]
Unrealized Gain (Loss) on Open Commodity Contracts	$ (2,340,556)	[1]
% of Partners' Capital	(17.29%)	[1]
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2015 contracts, expiring October 2015 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (301,310)
% of Partners' Capital	(2.23%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2015 contracts, expiring November 2015 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (273,330)
% of Partners' Capital	(2.02%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2016 contracts, expiring December 2015 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (437,565)
% of Partners' Capital	(3.23%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2016 contracts, expiring January 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (213,530)
% of Partners' Capital	(1.58%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2016 contracts, expiring February 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (206,880)
% of Partners' Capital	(1.53%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2016 contracts, expiring March 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (154,762)
% of Partners' Capital	(1.14%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2016 contracts, expiring April 2016 [Member]
Number of Contracts | Number	42
Unrealized Gain (Loss) on Open Commodity Contracts	$ (98,169)
% of Partners' Capital	(0.72%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2016 contracts, expiring May 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (178,370)
% of Partners' Capital	(1.32%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2016 contracts, expiring June 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (141,938)
% of Partners' Capital	(1.05%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2016 contracts, expiring July 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (155,470)
% of Partners' Capital	(1.15%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2016 contracts, expiring August 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (106,330)
% of Partners' Capital	(0.78%)
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2016 contracts, expiring September 2016 [Member]
Number of Contracts | Number	41
Unrealized Gain (Loss) on Open Commodity Contracts	$ (72,902)
% of Partners' Capital	(0.54%)
[1]	Collateral amounted to $2,957,554 on open future contracts.

Condensed Schedule of Investme4

Condensed Schedule of Investments (Parenthetical)	9 Months Ended
	Sep. 30, 2015USD ($)
Debt Instrument, Collateral Amount	$ 2,957,554
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.19%, 2/04/2016 [Member]
Expiration date	2/04/2016
Interest Rate	0.19%
Cash Equivalents [Member] | Us Treasury Securities [Member] | U.S. Treasury Bills: 0.22%, 2/11/2016 [Member]
Expiration date	2/11/2016
Interest Rate	0.22%
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG November 2015 contracts, expiring October 2015 [Member]
Expiration date	October 2,015
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG December 2015 contracts, expiring November 2015 [Member]
Expiration date	November 2,015
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG January 2016 contracts, expiring December 2015 [Member]
Expiration date	December 2,015
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG February 2016 contracts, expiring January 2016 [Member]
Expiration date	January 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG March 2016 contracts, expiring February 2016 [Member]
Expiration date	February 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG April 2016 contracts, expiring March 2016 [Member]
Expiration date	March 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG May 2016 contracts, expiring April 2016 [Member]
Expiration date	April 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG June 2016 contracts, expiring May 2016 [Member]
Expiration date	May 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG July 2016 contracts, expiring June 2016 [Member]
Expiration date	June 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG August 2016 contracts, expiring July 2016 [Member]
Expiration date	July 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG September 2016 contracts, expiring August 2016 [Member]
Expiration date	August 2,016
Open Futures Contracts, Long [Member] | United State [Member] | NYMEX Natural Gas Futures NG October 2016 contracts, expiring September 2016 [Member]
Expiration date	September 2,016

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed contracts	$ (696,645)	$ 17,110	$ (5,095,785)	$ 2,485,620
Change in unrealized gain (loss) on open contracts	(1,179,075)	(1,351,640)	2,579,334	(1,612,110)
Dividend income	740	726	2,180	2,074
Interest income	826	489	2,048	1,616
ETF transaction fees	1,050	0	5,600	4,200
Total income (loss)	(1,873,104)	(1,333,315)	(2,506,623)	881,400
Expenses
General Partner management fees (Note 3)	28,510	30,490	94,549	110,702
Professional fees	26,422	42,410	74,624	136,892
Brokerage commissions	1,078	641	4,822	2,522
Directors' fees and insurance	715	1,340	2,493	4,651
License fees	570	610	1,891	2,214
Total expenses	57,295	75,491	178,379	256,981
Expense waiver (Note 3)	(23,085)	(39,383)	(64,848)	(118,128)
Net expenses	34,210	36,108	113,531	138,853
Net income (loss)	$ (1,907,314)	$ (1,369,423)	$ (2,620,154)	$ 742,547
Net income (loss) per limited partnership share	$ (1.54)	$ (1.52)	$ (2.41)	$ (0.28)
Net income (loss) per weighted average limited partnership share	$ (1.56)	$ (1.52)	$ (1.99)	$ 0.72
Weighted average limited partnership shares outstanding	1,224,457	900,000	1,316,484	1,025,641

Condensed Statement of Changes

Condensed Statement of Changes in Partners' Capital - USD ($)	Total	General Partner [Member]	Limited Partners [Member]
Net income (loss)	$ 742,547
Net asset value, beginning of period at Dec. 31, 2013	$ 18.32
Net asset value, end of period at Sep. 30, 2014	$ 18.04
Balances at Dec. 31, 2014	$ 16,426,468	$ 0	$ 16,426,468
Addition of 750,000 partnership shares	9,614,195	0	9,614,195
Redemption of 750,000 partnership shares	(9,882,640)	0	(9,882,640)
Net income (loss)	(2,620,154)	0	(2,620,154)
Balances at Sep. 30, 2015	$ 13,537,869	$ 0	$ 13,537,869
Net asset value, beginning of period at Dec. 31, 2014	$ 13.69
Net asset value, end of period at Sep. 30, 2015	$ 11.28

Condensed Statement of Changes7

Condensed Statement of Changes in Partners' Capital (Parenthetical)	9 Months Ended
	Sep. 30, 2015shares
Addition of partnership share	750,000
Redemption of partnership units	750,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income (loss)	$ (2,620,154)	$ 742,547
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) decrease in commodity futures trading account - cash and cash equivalents	2,567,618	(1,292,918)
Unrealized (gain) loss on open futures contracts	(2,579,334)	1,612,110
(Increase) decrease in receivable from General Partner	1,418	45,092
(Increase) decrease in dividends receivable	1	425
(Increase) decrease in directors' fees and insurance receivable	(423)	(1,102)
(Increase) decrease in ETF transaction fees receivable	350	0
Increase (decrease) in General Partner management fees payable	(2,110)	(8,536)
Increase (decrease) in professional fees payable	(18,646)	(78,142)
Increase (decrease) in brokerage commissions payable	0	(1,260)
Increase (decrease) in license fees payable	(88)	(429)
Net cash provided by (used in) operating activities	(2,651,368)	1,017,787
Cash Flows from Financing Activities:
Addition of partnership shares	10,347,656	0
Redemption of partnership shares	(9,882,640)	(11,987,259)
Net cash provided by (used in) financing activities	465,016	(11,987,259)
Net Increase (Decrease) in Cash and Cash Equivalents	(2,186,352)	(10,969,472)
Cash and Cash Equivalents, beginning of period	15,113,447	25,514,584
Cash and Cash Equivalents, end of period	$ 12,927,095	$ 14,545,112

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2015
Organization and Business [Abstract]
Organization and Business	NOTE 1 — ORGANIZATION AND BUSINESS The United States 12 Month Natural Gas Fund, LP (“UNL”) was organized as a limited partnership under the laws of the state of Delaware on June 27, 2007. UNL is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). UNL will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the “LP Agreement”). The investment objective of UNL 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 average of the prices of 12 futures contracts for natural gas traded on the New York Mercantile Exchange (the “NYMEX”), consisting of the near month contract to expire and the contracts for the following 11 months for a total of 12 consecutive months’ contracts, 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 and the contracts for the following 11 consecutive months (the “Benchmark Futures Contracts”), less UNL’s expenses. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted. It is not the intent of UNL to be operated in a fashion such that the per share NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not the intent of UNL to be operated in a fashion such that its per share NAV will reflect the percentage change of the price of any particular futures contracts as measured over a time period greater than one day. United States Commodity Funds LLC (“USCF”), the general partner of UNL, 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). UNL accomplishes its objective through 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 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 UNL 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.” As of September 30, 2015, UNL held 493 Natural Gas Futures Contracts for natural gas traded on the NYMEX and did not hold any Natural Gas Futures Contracts traded on the ICE Futures. UNL commenced investment operations on November 18, 2009 and has a fiscal year ending on December 31. USCF is responsible for the management of UNL. 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 Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “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 USO’s, UNG’s, USL’s, UGA’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“DNO”) and United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “DNO” on September 24, 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”) and the United States Agriculture Index Fund (“USAG”), each a series of the United States Commodity Index Funds Trust. USCI, CPER and USAG listed their shares on the NYSE Arca under the ticker symbol “USCI” on August 10, 2010, “CPER” on November 15, 2011 and “USAG” on April 13, 2012, respectively. All funds listed previously are referred to collectively herein as the “Related Public Funds.” UNL issues shares to certain Authorized Participants (“Authorized Participants”) by offering baskets consisting of 50,000 In addition, Authorized Participants pay UNL a $ 350 In November 2009, UNL initially registered 30,000,000 November 18, 2009 50.00 200,000 10,000,000 30,000,000 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL is an investment company and follows the accounting and reporting guidance in FASB Topic 946. 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. UNL earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. UNL 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, UNL 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. UNL files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UNL is not subject to income tax return examinations by major taxing authorities for years before 2012. 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 UNL recording a tax liability that reduces net assets. However, UNL’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. UNL 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, 2015. Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UNL receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNL’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 UNL a fee of $ 350 Profit or loss shall be allocated among the partners of UNL 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. UNL’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. UNL 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, 2015. Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNL. 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 include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Certain amounts in the accompanying condensed financial statements were reclassified to conform to the current presentation. 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 RELAT

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
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 UNL in accordance with the objectives and policies of UNL. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to UNL. For these services, UNL is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses UNL 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, 2015 and 2014, UNL did not incur any registration fees or other offering expenses. Directors’ Fees and Expenses UNL is responsible for paying its portion of the directors’ and officers’ liability insurance for UNL and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UNL and the Related Public Funds. UNL 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, 2015 are estimated to be a total of $ 3,000 569,300 Licensing Fees As discussed in Note 4 below, UNL entered into a licensing agreement with the NYMEX on December 4, 2007, as amended on October 20, 2011. Pursuant to the agreement, UNL and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay a licensing fee that is equal to 0.015 on all net assets 1,891 2,214 Investor Tax Reporting Cost The fees and expenses associated with UNL’s audit expenses and tax accounting and reporting requirements are paid by UNL. These costs are estimated to be $ 86,000 Other Expenses and Fees and Expense Waivers In addition to the fees described above, UNL pays all brokerage fees and other expenses in connection with the operation of UNL, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements 0.15 64,848 Note 4 – Contracts and Agreements

CONTRACTS AND AGREEMENTS

CONTRACTS AND AGREEMENTS	9 Months Ended
	Sep. 30, 2015
Contracts and Agreements [Abstract]
Contracts and Agreements	NOTE 4 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement UNL is party to a marketing agent agreement, dated as of October 30, 2009, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for UNL as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 3 0.04 10 The above fee does not include website construction and development, which are borne by USCF. Brown Brothers Harriman & Co. Agreements UNL is also party to a custodian agreement, dated November 3, 2009, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of UNL. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, UNL is party to an administrative agency agreement, dated November 3, 2009, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for UNL. 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 20,000 0.06 500 0.0465 500 1 0.035 1 75,000 7 15 Brokerage and Futures Commission Merchant Agreements On October 8, 2013, UNL entered into a brokerage agreement with RBC Capital Markets, LLC (“RBC Capital” or “RBC”) to serve as UNL’s FCM effective October 10, 2013. Prior to October 10, 2013, the FCM was UBS Securities LLC. The agreement with RBC requires it to provide services to UNL 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 RBC Capital and/or UBS Securities for UNL’s account. In accordance with the agreement, RBC Capital charges UNL commissions of approximately $ 7 15 For the nine For the nine months ended months ended September 30, September 30, 2015 2014 Total commissions accrued to brokers $ 4,822 $ 2,522 Total commissions as an annualized percentage of average net assets 0.04 % 0.02 % Commissions accrued as a result of rebalancing $ 3,593 $ 1,150 Percentage of commissions accrued as a result of rebalancing 74.51 % 45.60 % Commissions accrued as a result of creation and redemption activity $ 1,229 $ 1,372 Percentage of commissions accrued as a result of creation and redemption activity 25.49 % 54.40 % The increase in UNL’s total commissions accrued to brokers for the nine months ended September 30, 2015, as compared to the nine months ended September 30, 2014, was a result of a higher number of futures contracts being held and traded as a result of lower futures prices, allowing UNL to hold and trade more contracts during the nine months ended September 30, 2015. NYMEX Licensing Agreement UNL and the NYMEX entered into a licensing agreement on December 4, 2007, as amended on October 20, 2011, whereby UNL was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, UNL and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3

FINANCIAL INSTRUMENTS, OFF-BALA

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
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 UNL engages in the trading of futures contracts, options on futures contracts and cleared swaps (collectively, “derivatives”). UNL 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. UNL 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. Cleared swaps are OTC agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, but which are not traded on an exchange. A cleared swap is created when the parties to an off-exchange OTC swap transaction agree to extinguish their OTC swap and replace it with a cleared swap. Cleared swaps are intended to 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 . 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. 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 UNL 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. All of the futures contracts held by UNL through September 30, 2015 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 UNL were to enter into non-exchange traded contracts, it would be subject to the credit risks associated with counterparty non-performance. OTC swaps subject UNL 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. UNL 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, UNL bears the risk of financial failure by the clearing broker. UNL’s cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the 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 UNL’s assets posted with that FCM; however, the majority of UNL’s assets are held in cash and/or cash equivalents with UNL’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of UNL’s custodian, however, could result in a substantial loss of UNL’s assets. USCF invests a portion of UNL’s cash in money market funds that seek to maintain a stable per share NAV. UNL is exposed to any risk of loss associated with an investment in such money market funds. As of September 30, 2015 and December 31, 2014, UNL held investments in money market funds in the amounts of $ 9,510,692 9,510,692 6,373,957 11,127,927 For derivatives, risks arise from changes in the market value of the contracts. Theoretically, UNL 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, UNL 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. UNL’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, UNL 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 UNL 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, 2015
Financial Highlights [Abstract]
Financial Highlights	NOTE 6 — FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the nine months ended September 30, 2015 and 2014 for the shareholders. This information has been derived from information presented in the condensed financial statements. For the nine For the nine months ended months ended September 30, September 30, 2015 2014 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 13.69 $ 18.32 Total income (loss) (2.32) (0.14) Net expenses (0.09) (0.14) Net decrease in net asset value (2.41) (0.28) Net asset value, end of period $ 11.28 $ 18.04 Total Return (17.60) % (1.53) % Ratios to Average Net Assets Total income (loss) (14.87) % 4.47 % Management fees* 0.75 % 0.75 % Total expenses excluding management fees* 0.66 % 0.99 % Expenses waived* (0.51) % (0.80) % Net expenses excluding management fees* 0.15 % 0.19 % Net income (loss) (15.55) % 3.76 % * 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 UNL.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Of Financial Instruments [Abstract]
Fair Value of Financial Instruments	NOTE 7 — FAIR VALUE OF FINANCIAL INSTRUMENTS UNL 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 UNL (observable inputs) and (2) UNL’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 UNL’s securities at September 30, 2015 using the fair value hierarchy: At September 30, 2015 Total Level I Level II Level III Short-Term Investments $ 11,509,250 $ 11,509,250 $ — $ — Exchange-Traded Futures Contracts United States Contracts (2,340,556) (2,340,556) — — During the nine months ended September 30, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of UNL’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 12,510,147 $ 12,510,147 $ — $ — Exchange-Traded Futures Contracts United States Contracts (4,919,890) (4,919,890) — — During the year ended December 31, 2014, there were no transfers between Level I and Level II. UNL has 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 Fair Value Fair Value Derivatives not Accounted for Statements of Financial At September 30, At December 31, as Hedging Instruments Condition Location 2015 2014 Futures - Commodity Contracts Assets $ (2,340,556) $ (4,919,890) The Effect of Derivative Instruments on the Condensed Statements of Operations For the nine months ended For the nine months ended September 30, 2015 September 30, 2014 Change in Change in Location of Unrealized Realized Unrealized Derivatives not Gain (Loss) on Realized Gain (Loss) on Gain (Loss) on Gain (Loss) on Accounted for Derivatives Gain (Loss) on Derivatives Derivatives Derivatives as Hedging Recognized Recognized in Recognized in Recognized in Recognized in Instruments in Income Income Income Income Income Futures – Commodity Contracts Realized gain (loss) on closed positions $ (5,095,785) $ 2,485,620 Change in unrealized gain (loss) on open positions $ 2,579,334 $ (1,612,110)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 — SUBSEQUENT EVENTS UNL 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 ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL 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. UNL earns income on funds held at the custodian or futures commission merchant (“FCM”) 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 UNL 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, UNL 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. UNL files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UNL is not subject to income tax return examinations by major taxing authorities for years before 2012. 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 UNL recording a tax liability that reduces net assets. However, UNL’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. UNL 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, 2015.
Creations and Redemptions	Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UNL receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UNL’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 UNL a fee of $ 350
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 UNL 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	UNL’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. UNL 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, 2015.
Offering Costs	Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UNL. 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.

CONTRACTS AND AGREEMENTS (Table

CONTRACTS AND AGREEMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Contracts and Agreements [Abstract]
Brokerage Commissions	UNL 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”). For the nine For the nine months ended months ended September 30, September 30, 2015 2014 Total commissions accrued to brokers $ 4,822 $ 2,522 Total commissions as an annualized percentage of average net assets 0.04 % 0.02 % Commissions accrued as a result of rebalancing $ 3,593 $ 1,150 Percentage of commissions accrued as a result of rebalancing 74.51 % 45.60 % Commissions accrued as a result of creation and redemption activity $ 1,229 $ 1,372 Percentage of commissions accrued as a result of creation and redemption activity 25.49 % 54.40 %

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Highlights [Abstract]
Per Unit Performance Data and Other Supplemental Financial Data	The following table presents per share performance data and other supplemental financial data for the nine months ended September 30, 2015 and 2014 for the shareholders. This information has been derived from information presented in the condensed financial statements. For the nine For the nine months ended months ended September 30, September 30, 2015 2014 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 13.69 $ 18.32 Total income (loss) (2.32) (0.14) Net expenses (0.09) (0.14) Net decrease in net asset value (2.41) (0.28) Net asset value, end of period $ 11.28 $ 18.04 Total Return (17.60) % (1.53) % Ratios to Average Net Assets Total income (loss) (14.87) % 4.47 % Management fees* 0.75 % 0.75 % Total expenses excluding management fees* 0.66 % 0.99 % Expenses waived* (0.51) % (0.80) % Net expenses excluding management fees* 0.15 % 0.19 % Net income (loss) (15.55) % 3.76 % * Annualized

FAIR VALUE OF FINANCIAL INSTR20

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Of Financial Instruments [Abstract]
Valuation of Securities Using the Fair Value Hierarchy	The following table summarizes the valuation of UNL’s securities at September 30, 2015 using the fair value hierarchy: At September 30, 2015 Total Level I Level II Level III Short-Term Investments $ 11,509,250 $ 11,509,250 $ — $ — Exchange-Traded Futures Contracts United States Contracts (2,340,556) (2,340,556) — — During the nine months ended September 30, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of UNL’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 12,510,147 $ 12,510,147 $ — $ — Exchange-Traded Futures Contracts United States Contracts (4,919,890) (4,919,890) — — During the year ended December 31, 2014, there were no transfers between Level I and Level II.
Fair Value of Derivative Instruments	Fair Value of Derivative Instruments Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At September 30, At December 31, as Hedging Instruments Condition Location 2015 2014 Futures - Commodity Contracts Assets $ (2,340,556) $ (4,919,890)
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, 2015 September 30, 2014 Change in Change in Location of Unrealized Realized Unrealized Derivatives not Gain (Loss) on Realized Gain (Loss) on Gain (Loss) on Gain (Loss) on Accounted for Derivatives Gain (Loss) on Derivatives Derivatives Derivatives as Hedging Recognized Recognized in Recognized in Recognized in Recognized in Instruments in Income Income Income Income Income Futures – Commodity Contracts Realized gain (loss) on closed positions $ (5,095,785) $ 2,485,620 Change in unrealized gain (loss) on open positions $ 2,579,334 $ (1,612,110)

ORGANIZATION AND BUSINESS (Addi

ORGANIZATION AND BUSINESS (Additional Information) (Details)	1 Months Ended
	Nov. 30, 2009	Nov. 18, 2009USD ($)$ / sharesshares	Sep. 30, 2015$ / shares$ / Units	Dec. 31, 2014$ / shares	Sep. 30, 2014$ / shares	Dec. 31, 2013$ / shares
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			350
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission	30,000,000
Net asset value per share | $ / shares		$ 50	$ 11.28	$ 13.69	$ 18.04	$ 18.32
Number of units issued | shares		200,000
Value of unit issued | $		$ 10,000,000
Commenced investment operations date	Nov. 18, 2009
Number of registered units			30,000,000
Creation Baskets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of units per basket			50,000

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details)	Sep. 30, 2015$ / Units
Significant Accounting Policies [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	350
Redemption Baskets [Member]
Significant Accounting Policies [Line Items]
Number of units per basket	50,000

FEES PAID BY THE FUND AND REL23

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS - (Additional Information) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fees Paid and Related Party Transactions [Line Items]
USCF Management Fee			UNL is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75%per annum of average daily total net assets.
Estimated directors fees and expenses	$ 715	$ 1,340	$ 2,493	$ 4,651
Licensing fee incurred	570	610	1,891	2,214
Expense waiver (Note 3)	$ 23,085	$ 39,383	$ 64,848	$ 118,128
Licensing Agreements [Member] | On and after October 20, 2011 [Member]
Fees Paid and Related Party Transactions [Line Items]
Fee percentage			0.015%
Assets basis for determining fee percentage			on all net assets
Future Period - for the year ending December 31, 2015 [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated investor tax reporting cost			$ 86,000
Future Period - for the year ending December 31, 2015 [Member] | Maximum [Member]
Fees Paid and Related Party Transactions [Line Items]
Costs and expenses annual limit for reimbursement			0.15%
UNL [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses			$ 3,000
UNL [Member] | Related Public Funds [Member]
Fees Paid and Related Party Transactions [Line Items]
Estimated directors fees and expenses			$ 569,300

CONTRACTS AND AGREEMENTS (Broke

CONTRACTS AND AGREEMENTS (Brokerage Commissions) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Floor Brokerage Exchange and Clearance Fees	$ 1,078	$ 641	$ 4,822	$ 2,522
Percentage Of Average Daily Net Assets	0.04%	0.02%	0.04%	0.02%
Rebalancing Investments Transaction [Member]
Floor Brokerage Exchange and Clearance Fees			$ 3,593	$ 1,150
Percentage Of Average Daily Net Assets	74.51%	45.60%	74.51%	45.60%
Creation And Redemption Activity [Member]
Floor Brokerage Exchange and Clearance Fees			$ 1,229	$ 1,372
Percentage Of Average Daily Net Assets	25.49%	54.40%	25.49%	54.40%

CONTRACTS AND AGREEMENTS (Addit

CONTRACTS AND AGREEMENTS (Additional Information) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)$ / Units
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Annual Fee for transfer agency services	$ 20,000
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 Natural Gas-Related Futures Contracts and options on Futures Contracts | $ / Units	15
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 Natural Gas-Related Futures Contracts and options on Futures Contracts | $ / Units	7
first $500 million of the Related Public Funds' combined net assets [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.06%
first $500 million of the Related Public Funds' 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
Related Public Funds' 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	0.0465%
Related Public Funds' 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
Related Public Funds' 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
Related Public Funds' combined net assets exceed $1 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.035%
Related Public Funds' 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
Marketing Agent And Affliate Of Uscf [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Maximum Aggregate Compensation Paid For Distribution Related Services	10.00%
Marketing Agreement [Member] | UNL's assets up to $3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.06%
Marketing Agreement [Member] | UNL's assets in excess of $3 billion [Member]
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Fee percentage	0.04%
Marketing Agreement [Member] | UNL'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	$ 3,000,000,000

FINANCIAL INSTRUMENTS, OFF-BA26

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Additional Information) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]
Cash investments in money market funds	$ 9,510,692	$ 9,510,692
Deposits in domestic and foreign financial institutions	$ 6,373,957	$ 11,127,927

FINANCIAL HIGHLIGHTS (Per Unit

FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Details) - $ / shares		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Per Share Operating Performance:
Net asset value, beginning of period		$ 13.69	$ 18.32
Total income (loss)		(2.32)	(0.14)
Net expenses		(0.09)	(0.14)
Net decrease in net asset value		(2.41)	(0.28)
Net asset value, end of period		$ 11.28	$ 18.04
Total Return		(17.60%)	(1.53%)
Ratios to Average Net Assets
Total income (loss)		(14.87%)	4.47%
Management fees	[1]	0.75%	0.75%
Total expenses excluding management fees	[1]	0.66%	0.99%
Expenses waived	[1]	(0.51%)	(0.80%)
Net expenses excluding management fees	[1]	0.15%	0.19%
Net income (loss)		(15.55%)	3.76%
[1]	Annualized

FAIR VALUE OF FINANCIAL INSTR28

FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 11,509,250	$ 12,510,147
Exchange-Traded Futures Contracts [Member] | United States [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	(2,340,556)	(4,919,890)
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	11,509,250	12,510,147
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	(2,340,556)	(4,919,890)
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 [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 [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities, fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR29

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value of Derivative Instruments) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Commodity Contracts [Member] | Futures [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives not Accounted for as Hedging Instruments	$ (2,340,556)	$ (4,919,890)

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on Condensed Statements of Operations) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	$ (696,645)	$ 17,110	$ (5,095,785)	$ 2,485,620
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income			2,579,334	(1,612,110)
Commodity Contracts [Member] | Futures [Member] | Realized gain on closed positions
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income			(5,095,785)	2,485,620
Commodity Contracts [Member] | Futures [Member] | Change in unrealized gain on open positions
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income			$ 2,579,334	$ (1,612,110)