United States 12 Month Natural Gas Fund (UNL) 10-K 1 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-34535
Entity Registrant Name	United States 12 Month Natural Gas Fund, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0431733
Entity Address, Address Line One	1850 Mt. Diablo Boulevard
Entity Address, Address Line Two	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
Title of 12(b) Security	Shares of United States 12 Month Natural Gas Fund, LP
Trading Symbol	UNL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,150,000
Entity Central Index Key	0001405513
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 37,135,468
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Auditor Name	Spicer Jeffries LLP
Auditor Firm ID	349
Auditor Location	Denver, Colorado

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents (at cost $- and $14,360,397, respectively) (Notes 2 and 5)		$ 22,036,438	$ 14,360,397
Equity in trading accounts:
Cash and cash equivalents (at cost $- and $1,345,560, respectively)		11,220,362	1,345,560
Unrealized gain (loss) on open commodity futures contracts		(8,419,740)	548,509
Receivable from General Partner (Note 3)		163,576	128,748
Dividends receivable		94,005	272
Interest receivable		7,826	79
Prepaid license fees		6,760	1,025
Prepaid insurance	[1]	760	445
Total Assets		25,109,987	16,385,035
Liabilities and Partners' Capital
General Partner management fees payable (Note 3)		20,071	10,640
Professional fees payable		94,745	58,646
Brokerage commissions payable		391	391
Directors' fees payable*	[1]	2,846	2,772
Total Liabilities		118,053	72,449
Commitments and Contingencies (Notes 3, 4 & 5)
Partners' Capital
General Partners		0	0
Limited Partners		24,991,934	16,312,586
Total Partners' Capital		24,991,934	16,312,586
Total Liabilities and Partners' Capital		$ 25,109,987	$ 16,385,035
Limited Partners' shares outstanding		1,450,000	1,400,000
Net asset value per share		$ 17.24	$ 11.65
Market value per share		$ 17.23	$ 11.72
[1]Certain prior year amounts have been reclassified for consistency with the current presentation.

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Financial Condition
Cash and cash equivalents	$ 22,036,438	$ 14,360,397	$ 6,497,522
Cash and cash equivalents	$ 11,220,362	$ 1,345,560	$ 845,621

Schedule of Investments

Schedule of Investments - United States - Money Market Funds		Dec. 31, 2022 USD ($) contract		Dec. 31, 2021 USD ($) contract
Cash Equivalents
Market Value		$ 22,000,000		$ 14,000,000
% of Partners' Capital		88.03%		85.82%
Cash Equivalents | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03%
Shares/Principal Amount	[1]			$ 6,000,000
Market Value	[1]			$ 6,000,000
% of Partners' Capital	[1]			36.78%
Cash Equivalents | RBC U.S. Government Money Market Fund - Institutional Shares 0.03%
Shares/Principal Amount	[1]			$ 8,000,000
Market Value	[1]			$ 8,000,000
% of Partners' Capital	[1]			49.04%
Cash Equivalents | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.12%
Shares/Principal Amount	[2]	$ 22,000,000
Market Value	[2]	$ 22,000,000
% of Partners' Capital	[2]	88.03%
Open Commodity Futures Contracts - Long
Notional Amount		$ 33,431,130	[3]	$ 15,757,241	[4]
Number of Contracts | contract		582	[3]	441	[4]
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (8,419,740)	[3]	$ 548,509	[4]
% of Partners' Capital		(33.69%)	[3]	3.36%	[4]
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG February 2022 contracts, expiring January 2022
Notional Amount				$ 1,397,690
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (17,590)
% of Partners' Capital				(0.11%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG March 2022 contracts, expiring February 2022
Notional Amount				$ 1,315,010
Number of Contracts | contract				36
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (34,490)
% of Partners' Capital				(0.21%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG April 2022 contracts, expiring March 2022
Notional Amount				$ 1,109,299
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 188,291
% of Partners' Capital				1.15%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG May 2022 contracts, expiring April 2022
Notional Amount				$ 1,102,674
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 201,576
% of Partners' Capital				1.24%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG June 2022 contracts, expiring May 2022
Notional Amount				$ 1,094,328
Number of Contracts | contract				36
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 194,112
% of Partners' Capital				1.19%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG July 2022 contracts, expiring June 2022
Notional Amount				$ 1,192,300
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 153,760
% of Partners' Capital				0.94%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG October 2022 contracts, expiring September 2022
Notional Amount				$ 1,448,300
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (88,180)
% of Partners' Capital				(0.54%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG November 2022 contracts, expiring October 2022
Notional Amount				$ 1,530,060
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (129,240)
% of Partners' Capital				(0.79%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG December 2022 contracts, expiring November 2022
Notional Amount				$ 1,572,550
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (98,840)
% of Partners' Capital				(0.61%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG January 2023 contracts, expiring December 2022
Notional Amount				$ 1,479,370
Number of Contracts | contract				36
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ (6,970)
% of Partners' Capital				(0.04%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG August 2022 contracts, expiring July 2022
Notional Amount				$ 1,226,820
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 126,270
% of Partners' Capital				0.77%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG September 2022 contracts, expiring August 2022
Notional Amount				$ 1,288,840
Number of Contracts | contract				37
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts				$ 59,810
% of Partners' Capital				0.37%
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG February 2023 contracts, expiring January 2023
Notional Amount		$ 3,907,500
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (1,714,750)
% of Partners' Capital		(6.86%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG March 2023 contracts, expiring February 2023
Notional Amount		$ 3,399,110
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (1,388,150)
% of Partners' Capital		(5.55%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG April 2023 contracts, expiring March 2023
Notional Amount		$ 2,523,960
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (604,630)
% of Partners' Capital		(2.42%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG May 2023 contracts, expiring April 2023
Notional Amount		$ 2,398,162
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (511,282)
% of Partners' Capital		(2.05%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG June 2023 contracts, expiring May 2023
Notional Amount		$ 2,392,990
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (450,430)
% of Partners' Capital		(1.80%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG July 2023 contracts, expiring June 2023
Notional Amount		$ 2,731,685
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (694,755)
% of Partners' Capital		(2.78%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG August 2023 contracts, expiring July 2023
Notional Amount		$ 2,339,863
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (341,623)
% of Partners' Capital		(1.37%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG September 2023 contracts, expiring August 2023
Notional Amount		$ 2,554,978
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (582,178)
% of Partners' Capital		(2.33%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG October 2023 contracts, expiring September 2023
Notional Amount		$ 2,845,911
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (842,391)
% of Partners' Capital		(3.37%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG November 2023 contracts, expiring October 2023
Notional Amount		$ 2,686,527
Number of Contracts | contract		48
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (534,207)
% of Partners' Capital		(2.14%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG December 2023 contracts, expiring November 2023
Notional Amount		$ 2,698,053
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (308,323)
% of Partners' Capital		(1.23%)
Open Commodity Futures Contracts - Long | NYMEX Natural Gas Futures NG January 2024 contracts, expiring December 2023
Notional Amount		$ 2,952,391
Number of Contracts | contract		49
Fair Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (447,021)
% of Partners' Capital		(1.79%)
[1]Reflects the 7-day yield at December 31, 2021.[2] Reflects the 7-day yield at December 31, 2022 . Collateral amounted to $11,220,362 on open commodity futures contracts.

Schedule of Investments (Parent

Schedule of Investments (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Equivalents | United States - Money Market Funds | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03%
Interest rate		0.03%
Cash Equivalents | United States - Money Market Funds | RBC U.S. Government Money Market Fund - Institutional Shares 0.03%
Expiration date		Dec. 31, 2021
Interest rate		0.03%
Cash Equivalents | United States - Money Market Funds | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.12%
Expiration date	December 31, 2022
Interest rate	4.12%
Collateral Amount on Open Commodity Futures Contracts	$ 11,220,362
Open Commodity Futures Contracts - Long | United States
Collateral Amount on Open Commodity Futures Contracts		$ 1,345,560

Statements of Operations

Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$ 12,345,209	$ 2,685,138	$ (608,115)
Change in unrealized gain (loss) on open commodity futures contracts		(8,968,249)	570,473	413,714
Dividend income		510,818	1,802	2,604
Interest income	[1]	54,908	1,677	18,621
ETF transaction fees		9,100	3,500	1,400
Total Income (Loss)		3,951,786	3,262,590	(171,776)
Expenses
General Partner management fees (Note 3)		266,267	85,770	35,924
Professional fees		188,633	128,233	62,653
Brokerage commissions		8,670	3,199	1,633
Directors' fees and insurance		14,201	12,755	2,711
License fees		5,325	1,716	718
Total Expenses		483,096	231,673	103,639
Expense waiver (Note 4)		(163,576)	(128,748)	(60,535)
Net Expenses		319,520	102,925	43,104
Net Income (Loss)		$ 3,632,266	$ 3,159,665	$ (214,880)
Net Income (Loss) per limited partner share		$ 5.59	$ 3.91	$ (0.69)
Net Income (Loss) per weighted average limited partner share		$ 2.12	$ 2.93	$ (0.37)
Weighted average limited partner shares outstanding		1,715,205	1,078,767	587,397
[1]Interest income does not exceed paid in kind of 5%.

Statements of Operations (Paren

Statements of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Operations
Interest income	5%	5%	5%

Statement of Changes in Partner

Statement of Changes in Partners' Capital - USD ($)		Limited Partner		Total
Balances at beginning of year at Dec. 31, 2019	[1]	$ 3,373,894
Addition of 1,950,000, 750,000 and 550,000 partnership shares, respectively	[1]	4,192,446
Redemption of (1,900,000), (300,000) and (-) partnership shares, respectively	[1]	0
Net income (loss)		(214,880)	[1]	$ (214,880)
Balances at end of year at Dec. 31, 2020	[1]	7,351,460
Addition of 1,950,000, 750,000 and 550,000 partnership shares, respectively	[1]	8,382,719
Redemption of (1,900,000), (300,000) and (-) partnership shares, respectively	[1]	(2,581,258)
Net income (loss)		3,159,665	[1]	3,159,665
Balances at end of year at Dec. 31, 2021		16,312,586	[1]	16,312,586
Addition of 1,950,000, 750,000 and 550,000 partnership shares, respectively	[1]	41,366,621
Redemption of (1,900,000), (300,000) and (-) partnership shares, respectively	[1]	(36,319,539)
Net income (loss)		3,632,266	[1]	3,632,266
Balances at end of year at Dec. 31, 2022		$ 24,991,934	[1]	$ 24,991,934
[1]General Partners’ shares outstanding and capital for the periods presented were zero.

Statement of Changes in Partn_2

Statement of Changes in Partners' Capital (Parenthetical) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Partners capital		$ 24,991,934	$ 16,312,586
Limited Partner
Addition of partnership share		1,950,000	750,000	550,000
Redemption of partnership shares		(1,900,000)	(300,000)
Partners capital	[1]	$ 24,991,934	$ 16,312,586	$ 7,351,460
General Partner
Partners' shares outstanding		0	0	0
Partners capital		$ 0	$ 0	$ 0
[1]General Partners’ shares outstanding and capital for the periods presented were zero.

Statements of Cash Flows

Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)		$ 3,632,266	$ 3,159,665	$ (214,880)
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		8,968,249	(570,473)	(413,714)
(Increase) decrease in receivable from General Partner		(34,828)	(68,213)	13,767
(Increase) decrease in dividends receivable		(93,733)	(263)	649
(Increase) decrease in interest receivable		(7,747)	95	73
(Increase) decrease in prepaid insurance	[1]	(315)	(349)	24
Increase (decrease) in General Partner management fees payable		9,431	6,545	1,336
Increase (decrease) in professional fees payable		36,099	33,646	(32,027)
Increase (decrease) in brokerage commissions payable		0	0	(180)
Increase (decrease) in directors' fees payable	[1]	74	742	1,927
(Increase) decrease in prepaid license fees		(5,735)	(42)	(983)
Net cash provided by (used in) operating activities		12,503,761	2,561,353	(644,008)
Cash Flows from Financing Activities:
Addition of partnership shares		41,366,621	8,382,719	4,192,446
Redemption of partnership shares		(36,319,539)	(2,581,258)	0
Net cash provided by (used in) financing activities		5,047,082	5,801,461	4,192,446
Net Increase (Decrease) in Cash and Cash Equivalents		17,550,843	8,362,814	3,548,438
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year		15,705,957	7,343,143	3,794,705
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year		$ 33,256,800	$ 15,705,957	$ 7,343,143
[1]Certain prior year amounts have been reclassified for consistency with the current presentation.

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Cash and Cash Equivalents:
Cash and cash equivalents	$ 22,036,438	$ 14,360,397	$ 6,497,522
Equity in Trading Accounts:
Cash and cash equivalents	11,220,362	1,345,560	845,621
Total Cash, Cash Equivalents and Equity in Trading Accounts	$ 33,256,800	$ 15,705,957	$ 7,343,143	$ 3,794,705

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2022
ORGANIZATION AND BUSINESS
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 Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (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”), plus interest earned on UNL’s collateral holdings, less UNL’s expenses. UNL seeks to achieve its investment objective by investing so that the average daily percentage change in UNL’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 Contracts over the same period. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted. UNL seeks to achieve its investment objective by investing primarily in futures contracts for natural gas that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. (together, “ICE Futures”), or other U.S. and foreign exchanges (collectively, “Futures Contracts”) and, to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures, liquidity requirements, or in view of market conditions, other natural gas investments such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts, and non-exchange traded (“over-the-counter” or “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, heating oil, gasoline, and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Natural Gas-Related Investments”). Market conditions that USCF currently anticipates could cause UNL to invest in Other Natural Gas-Related Investments include, but are not limited to, those allowing UNL to obtain greater liquidity or to execute transactions with more favorable pricing. For convenience and unless otherwise specified, Futures Contracts and Other Natural Gas-Related Investments collectively are referred to as “Natural Gas Interests” in the notes to the financial statements. In addition, USCF believes that market arbitrage opportunities will cause daily changes in UNL’s share price on the NYSE Arca on a percentage basis to closely track daily changes in UNL’s per share NAV on a percentage basis. USCF further believes that the daily changes in average of the prices of the Benchmark Futures Contracts have historically closely tracked the daily changes in the spot price of natural gas. USCF believes that the net effect of these two expected relationships will be that the daily changes in the price of UNL’s shares on the NYSE Arca on a percentage basis will continue to closely track the daily changes in the spot price of natural gas on a percentage basis, less UNL’s expenses. Investors should be aware that UNL’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas nor is UNL’s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. This is because natural market forces called contango and backwardation have impacted the total return on an investment in UNL’s shares during the past year relative to a hypothetical direct investment in natural gas and, in the future, it is likely that the relationship between the market price of UNL’s shares and changes in the spot prices of natural gas will continue to be so impacted by contango and backwardation. (It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing natural gas, which could be substantial). 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 Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below). As of December 31, 2022, UNL held 582 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures US. 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”) and the United States Gasoline Fund, LP (“UGA”), 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 and “UGA” on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’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 Brent Oil Fund, LP (“BNO”), which listed its limited partnership shares on the NYSE Arca under the ticker symbol “BNO” on June 2, 2010. USCF is also the sponsor of the United States Commodity Index Funds Trust (“USCIFT”), a Delaware statutory trust and each of its series: the United States Commodity Index Fund (“USCI”) and the United States Copper Index Fund (“CPER”). 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. UNL, USO, UNG, UGA, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.” UNL issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 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 a transaction fee of $350 to UNL for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 50,000 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 UNL but rather at market prices quoted on such exchange. In November 2009, UNL initially registered 30,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On November 18, 2009, UNL listed its shares on the NYSE Arca under the ticker symbol “UNL”. On that day, UNL established its initial per share NAV by setting the price at $50.00 and issued 200,000 shares in exchange for $10,000,000. UNL also commenced investment operations on November 18, 2009, by purchasing Futures Contracts traded on the NYMEX based on natural gas. As of December 31, 2022, UNL had registered a total of 30,000,000 shares. Commencing with the registration statement that went effective on April 26, 2022, UNL has an unlimited number of shares registered and available for sale.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL is an investment company for accounting purposes 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 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 financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UNL 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 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 U.S. 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 2019. 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 year ended December 31, 2022. Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 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. UNL 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 UNL’s 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 $350 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 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 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 December 31, 2022. 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 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 financial statements were reclassified to conform to the current presentation. Use of Estimates The preparation of 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 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	12 Months Ended
	Dec. 31, 2022
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 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 years ended December 31, 2022, 2021 and 2020, UNL did not incur registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses UNL is responsible for paying its portion of the directors’ and officers’ liability insurance for UNL and the other Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UNL and the other Related Public Funds. UNL shares the fees and expenses on a pro rata basis with each other 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, 2022 totaled $14,201 for UNL and, in the aggregate for UNL and the other Related Public Funds, $1,258,000. For the year ended December 31, 2021 these fees and expenses were $1,081,963 for UNL and the Related Public Funds. UNL’s portion of such fees and expenses for the year ended December 31, 2021 was $12,755. For the year ended December 31, 2020, these fees and expenses were $585,896 for UNL and the Related Public Funds. UNL’s portion of such fees and expenses for the year ended December 31, 2020 was $2,711. 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 other 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 years ended December 31, 2022, 2021 and 2020, UNL incurred $5,325, $1,716 and $718, respectively under this arrangement. 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 $135,833 for the year ending December 31, 2022. For the years ending December 31, 2021 and 2020 UNL’s investor reporting costs totaled $114,083 and $51,383 respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. 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 below Note 4 - Contracts and Agreements.

CONTRACTS AND AGREEMENTS

CONTRACTS AND AGREEMENTS	12 Months Ended
	Dec. 31, 2022
CONTRACTS AND AGREEMENTS
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 through September 30, 2022, which is borne by USCF, was 0.06% on UNL’s assets up to $3 billion and 0.04% on UNL’s assets in excess of $3 billion. The agreement with the Marketing Agent has been amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly and borne by USCF, is equal to 0.025% of UNL’s total net assets. 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 UNL’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 UNL and each of the other 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. Brokerage and Futures Commission Merchant Agreements UNL entered into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as UNL’s FCM effective October 10, 2013. UNL has engaged each of Marex North America, LLC, formerly, RCG Division of Marex Spectron (“MNA”), E D & F Man Capital Markets Inc. (“MCM”) and Macquarie Futures USA LLC (“MFUSA”) to serve as additional FCMs to UNL effective on May 28, 2020, June 5, 2020, and December 3, 2020, respectively. The agreements with UNL’s FCMs require the FCMs 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 the applicable FCM for UNL’s account. In accordance with the FCM agreements, UNL 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 UNL 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 UNL 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. 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”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2020 Total commissions accrued to brokers ​ $ 8,670 ​ $ 3,199 ​ $ 1,633 ​ Total commissions as annualized percentage of average total net assets ​ 0.02 % 0.03 % 0.03 % Commissions accrued as a result of rebalancing ​ $ 4,293 ​ $ 2,250 ​ $ 1,153 ​ Percentage of commissions accrued as a result of rebalancing ​ 49.52 % 70.33 % 70.61 % Commissions accrued as a result of creation and redemption activity ​ $ 4,377 ​ $ 949 ​ $ 480 ​ Percentage of commissions accrued as a result of creation and redemption activity ​ 50.48 % 29.67 % 29.39 % ​ The increase in total commissions accrued to brokers for the year ended December 31, 2022, compared to the year ended December 31, 2021, was due primarily to a higher number of natural gas futures contracts being held and traded. NYMEX Licensing Agreement UNL and 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 other 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. UNL expressly disclaims any association with the NYMEX or endorsement of UNL 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	12 Months Ended
	Dec. 31, 2022
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 UNL may engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC 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, 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 FCMs to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets. To reduce the credit risk that arises in connection with OTC swaps, UNL 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 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. 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. Significant market volatility has recently occurred and is continuing in the natural gas markets and the natural gas futures markets. Such volatility is attributable in part to the COVID-19 pandemic, related supply chain disruptions, war, including the war between Russia and the Ukraine, and continuing disputes among natural gas-producing countries. These factors could cause continuing or increased volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by UNL and the impact of which could limit UNL’s ability to have a substantial portion of its assets invested in the Benchmark Futures Contracts. In such a circumstance, UNL could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Natural-Gas Related Investments. All of the futures contracts held by UNL through December 31, 2022 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 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 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 UNL’s assets posted with that FCM; however, the majority of UNL’s assets are held in investments in Treasuries, 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 December 31, 2022 and December 31, 2021, UNL held investments in money market funds in the amounts of $22,000,000 and $14,000,000, respectively. UNL also holds cash deposits with its custodian. As of December 31, 2022 and December 31, 2021, UNL held cash deposits and investments in Treasuries in the amounts of $11,256,800 and $1,705,957 respectively, with the custodian and FCMs. Some or all of these amounts may be subject to loss should UNL’s custodian and/or FCMs cease operations. 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 or that the value of the futures contract could fall below zero. 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 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	12 Months Ended
	Dec. 31, 2022
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 6 — FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2022, 2021 and 2020 for the shareholders. This information has been derived from information presented in the financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2020 Per Share Operating Performance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of year ​ $ 11.65 ​ $ 7.74 ​ $ 8.43 ​ Total income (loss) ​ 5.78 ​ 4.01 ​ (0.62) ​ Total expenses ​ (0.19) ​ (0.10) ​ (0.07) ​ Net increase (decrease) in net asset value ​ 5.59 ​ 3.91 ​ (0.69) ​ Net asset value, end of year ​ $ 17.24 ​ $ 11.65 ​ $ 7.74 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ 47.98 % 50.52 % (8.19) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ Total income (loss) ​ 11.13 % 28.53 % (3.59) % Management fees ​ 0.75 % 0.75 % 0.75 % Total expenses excluding management fees ​ 0.61 % 1.28 % 1.41 % Expense waived ​ (0.46) % (1.13) % (1.26) % Net expense excluding management fees ​ 0.15 % 0.15 % 0.15 % Net income (loss) ​ 10.23 % 27.63 % (4.49) % ​ 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.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2022
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA	NOTE 7 — QUARTERLY FINANCIAL DATA (Unaudited) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ 2022 2022 2022 2022 Total Income (Loss) ​ $ 10,187,198 ​ $ (7,376,296) ​ $ 8,500,086 ​ $ (7,359,202) Total Expenses ​ 72,633 ​ 146,042 ​ 165,083 ​ 99,338 Expense Waivers ​ (17,793) ​ (52,406) ​ (70,448) ​ (22,929) Net Expense ​ 54,840 ​ 93,636 ​ 94,635 ​ 76,409 Net Income (Loss) ​ $ 10,132,358 ​ $ (7,469,932) ​ $ 8,405,451 ​ $ (7,435,611) Net Income (Loss) per Share ​ $ 6.26 ​ $ (0.23) ​ $ 4.34 ​ $ (4.78) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ 2021 2021 2021 2021 Total Income (Loss) ​ $ 116,939 ​ $ 2,198,433 ​ $ 4,608,063 ​ $ (3,660,845) Total Expenses ​ 47,470 ​ 60,037 ​ 64,948 ​ 59,218 Expense Waivers ​ (30,045) ​ (39,639) ​ (38,328) ​ (20,736) Net Expense ​ 17,425 ​ 20,398 ​ 26,620 ​ 38,482 Net Income (Loss) ​ $ 99,514 ​ $ 2,178,035 ​ $ 4,581,443 ​ $ (3,699,327) Net Income (Loss) per Share ​ $ 0.15 ​ $ 2.09 ​ $ 4.50 ​ $ (2.83) ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 — 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 assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar 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 December 31, 2022 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 Total Level I Level II Level III Short-Term Investments ​ $ 22,000,000 ​ $ 22,000,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ United States Contracts ​ (8,419,740) ​ (8,419,740) ​ — ​ — ​ The following table summarizes the valuation of UNL’s securities at December 31, 2021 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 Total Level I Level II Level III Short-Term Investments ​ $ 14,000,000 ​ $ 14,000,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ 548,509 ​ 548,509 ​ — ​ — ​ Effective January 1, 2009, UNL 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ Condition December 31, December 31, Derivatives not Accounted for as Hedging Instruments Location 2022 2021 Futures - Commodity Contracts Assets ​ $ (8,419,740) ​ $ 548,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended For the year ended ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ Change in ​ ​ ​ Change in ​ ​ ​ Change in ​ ​ ​ Unrealized Realized Unrealized Realized Unrealized Derivatives ​ Location of ​ Realized ​ Gain ​ Gain ​ Gain ​ Gain ​ Gain not ​ Gain (Loss) ​ Gain (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on Accounted ​ on ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives for as ​ Derivatives ​ Recognized ​ Recognized ​ Recognized ​ Recognized ​ Recognized ​ Recognized Hedging ​ Recognized ​ in ​ in ​ in ​ in ​ in ​ in Instruments in Income Income Income Income Income Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ 12,345,209 ​ ​ ​ ​ $ 2,685,138 ​ ​ $ (608,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ (8,968,249) ​ ​ ​ ​ $ 570,473 ​ ​ ​ ​ $ 413,714 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9 — SUBSEQUENT EVENTS UNL has performed an evaluation of subsequent events through the date the 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)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UNL is an investment company for accounting purposes 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 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 financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UNL 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 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 U.S. 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 2019. 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 year ended December 31, 2022.
Creations and Redemptions	Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 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. UNL 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 UNL’s 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 $350 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 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	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 December 31, 2022.
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 financial statements were reclassified to conform to the current presentation.
Use of Estimates	Use of Estimates The preparation of 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 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)	12 Months Ended
	Dec. 31, 2022
CONTRACTS AND AGREEMENTS
Schedule of Brokerage and Futures Commissions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2020 Total commissions accrued to brokers ​ $ 8,670 ​ $ 3,199 ​ $ 1,633 ​ Total commissions as annualized percentage of average total net assets ​ 0.02 % 0.03 % 0.03 % Commissions accrued as a result of rebalancing ​ $ 4,293 ​ $ 2,250 ​ $ 1,153 ​ Percentage of commissions accrued as a result of rebalancing ​ 49.52 % 70.33 % 70.61 % Commissions accrued as a result of creation and redemption activity ​ $ 4,377 ​ $ 949 ​ $ 480 ​ Percentage of commissions accrued as a result of creation and redemption activity ​ 50.48 % 29.67 % 29.39 % ​

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	12 Months Ended
	Dec. 31, 2022
FINANCIAL HIGHLIGHTS
Schedule of per share performance data and other supplemental financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2020 Per Share Operating Performance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of year ​ $ 11.65 ​ $ 7.74 ​ $ 8.43 ​ Total income (loss) ​ 5.78 ​ 4.01 ​ (0.62) ​ Total expenses ​ (0.19) ​ (0.10) ​ (0.07) ​ Net increase (decrease) in net asset value ​ 5.59 ​ 3.91 ​ (0.69) ​ Net asset value, end of year ​ $ 17.24 ​ $ 11.65 ​ $ 7.74 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ 47.98 % 50.52 % (8.19) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ Total income (loss) ​ 11.13 % 28.53 % (3.59) % Management fees ​ 0.75 % 0.75 % 0.75 % Total expenses excluding management fees ​ 0.61 % 1.28 % 1.41 % Expense waived ​ (0.46) % (1.13) % (1.26) % Net expense excluding management fees ​ 0.15 % 0.15 % 0.15 % Net income (loss) ​ 10.23 % 27.63 % (4.49) % ​

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2022
QUARTERLY FINANCIAL DATA
Schedule of quarterly financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ 2022 2022 2022 2022 Total Income (Loss) ​ $ 10,187,198 ​ $ (7,376,296) ​ $ 8,500,086 ​ $ (7,359,202) Total Expenses ​ 72,633 ​ 146,042 ​ 165,083 ​ 99,338 Expense Waivers ​ (17,793) ​ (52,406) ​ (70,448) ​ (22,929) Net Expense ​ 54,840 ​ 93,636 ​ 94,635 ​ 76,409 Net Income (Loss) ​ $ 10,132,358 ​ $ (7,469,932) ​ $ 8,405,451 ​ $ (7,435,611) Net Income (Loss) per Share ​ $ 6.26 ​ $ (0.23) ​ $ 4.34 ​ $ (4.78) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ 2021 2021 2021 2021 Total Income (Loss) ​ $ 116,939 ​ $ 2,198,433 ​ $ 4,608,063 ​ $ (3,660,845) Total Expenses ​ 47,470 ​ 60,037 ​ 64,948 ​ 59,218 Expense Waivers ​ (30,045) ​ (39,639) ​ (38,328) ​ (20,736) Net Expense ​ 17,425 ​ 20,398 ​ 26,620 ​ 38,482 Net Income (Loss) ​ $ 99,514 ​ $ 2,178,035 ​ $ 4,581,443 ​ $ (3,699,327) Net Income (Loss) per Share ​ $ 0.15 ​ $ 2.09 ​ $ 4.50 ​ $ (2.83)

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of UNL's securities using the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 Total Level I Level II Level III Short-Term Investments ​ $ 22,000,000 ​ $ 22,000,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ United States Contracts ​ (8,419,740) ​ (8,419,740) ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 Total Level I Level II Level III Short-Term Investments ​ $ 14,000,000 ​ $ 14,000,000 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ United States Contracts ​ 548,509 ​ 548,509 ​ — ​ — ​
Schedule of fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ Condition December 31, December 31, Derivatives not Accounted for as Hedging Instruments Location 2022 2021 Futures - Commodity Contracts Assets ​ $ (8,419,740) ​ $ 548,509 ​
Schedule of effect of derivative instruments on the statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended For the year ended ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ Change in ​ ​ ​ Change in ​ ​ ​ Change in ​ ​ ​ Unrealized Realized Unrealized Realized Unrealized Derivatives ​ Location of ​ Realized ​ Gain ​ Gain ​ Gain ​ Gain ​ Gain not ​ Gain (Loss) ​ Gain (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on ​ (Loss) on Accounted ​ on ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives ​ Derivatives for as ​ Derivatives ​ Recognized ​ Recognized ​ Recognized ​ Recognized ​ Recognized ​ Recognized Hedging ​ Recognized ​ in ​ in ​ in ​ in ​ in ​ in Instruments in Income Income Income Income Income Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ 12,345,209 ​ ​ ​ ​ $ 2,685,138 ​ ​ $ (608,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ (8,968,249) ​ ​ ​ ​ $ 570,473 ​ ​ ​ ​ $ 413,714

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)		1 Months Ended	12 Months Ended
	Nov. 18, 2009 USD ($) $ / shares shares	Nov. 30, 2009 shares	Dec. 31, 2022 USD ($) D $ / shares shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares
ORGANIZATION AND BUSINESS
Number of successive valuation days | D			30
Average daily percentage change in the price of the benchmark futures contract considered			10%
Commenced investment operations date	Nov. 18, 2009
Number of units per basket			50,000
Transaction fee | $			$ 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		$ 17.24	$ 11.65	$ 7.74	$ 8.43
Number of units issued	200,000
Value of unit issued | $	$ 10,000,000
Number of registered units			30,000,000
Creation Baskets
ORGANIZATION AND BUSINESS
Number of units per basket			50,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unrecognized tax benefits accrued for interest and penalties	$ 0
Number of units per basket | shares	50,000
Transaction fee	$ 350

FEES PAID BY THE FUND AND REL_2

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
Percentage of contractual obligated to pay									0.75%
Registration fees and other offering expenses									$ 0	$ 0	$ 0
Estimated directors fees and expenses									14,201	12,755	2,711
Estimated costs									$ 135,833
Investor reporting costs										114,083	51,383
Excess expenses percentage for reimbursement of expenses to others by the entity									0.15%
Expense waiver	$ 22,929	$ 70,448	$ 52,406	$ 17,793	$ 20,736	$ 38,328	$ 39,639	$ 30,045	$ 163,576	128,748	60,535
Related Public Funds
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
Estimated directors fees and expenses									$ 1,258,000	1,081,963	585,896
Licensing Agreements
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
Fee percentage									0.015%
Licensing fee incurred									$ 5,325	$ 1,716	$ 718
UNL
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
Estimated directors fees and expenses									$ 14,201

CONTRACTS AND AGREEMENTS - Brok

CONTRACTS AND AGREEMENTS - Brokerage and Futures Commissions Merchant Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contracts And Agreements
Total commissions accrued to brokers	$ 8,670	$ 3,199	$ 1,633
Total commissions as annualized percentage of average total net assets	0.02%	0.03%	0.03%
Rebalancing Investments Transaction
Contracts And Agreements
Total commissions accrued to brokers	$ 4,293	$ 2,250	$ 1,153
Total commissions as annualized percentage of average total net assets	49.52%	70.33%	70.61%
Creation And Redemption Activity
Contracts And Agreements
Total commissions accrued to brokers	$ 4,377	$ 949	$ 480
Total commissions as annualized percentage of average total net assets	50.48%	29.67%	29.39%

CONTRACTS AND AGREEMENTS - Addi

CONTRACTS AND AGREEMENTS - Additional Information (Details) $ in Billions			12 Months Ended
	Oct. 01, 2022	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / item
Maximum
Contracts and Agreements
Commissions per round-turn trade, including applicable exchange and NFA fees for natural gas-related futures contracts and options on futures contracts | $ / item			8
Minimum
Contracts and Agreements
Commissions per round-turn trade, including applicable exchange and NFA fees for natural gas-related futures contracts and options on futures contracts | $ / item			7
Marketing Agent and Affiliate Of USCF
Contracts and Agreements
Maximum aggregate compensation paid for distribution related services			10%
Marketing Agreement
Contracts and Agreements
Percentage of total net assets	0.025%
Marketing Agreement | UNL's assets up to $3 billion
Contracts and Agreements
Fee percentage		0.06%
Base amount for determining fee percentage | $		$ 3
Marketing Agreement | UNL's assets in excess of $3 billion
Contracts and Agreements
Fee percentage		0.04%
Base amount for determining fee percentage | $		$ 3

FINANCIAL INSTRUMENTS, OFF-BA_2

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
Cash investments in money market funds	$ 22,000,000	$ 14,000,000
Deposits in domestic and foreign financial institutions	$ 11,256,800	$ 1,705,957

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Per Share Operating Performance:
Net asset value, beginning of year	$ 11.65	$ 7.74	$ 8.43
Total income (loss)	5.78	4.01	(0.62)
Total expenses	(0.19)	(0.10)	(0.07)
Net increase (decrease) in net asset value	5.59	3.91	(0.69)
Net asset value, end of year	$ 17.24	$ 11.65	$ 7.74
Total Return	47.98%	50.52%	(8.19%)
Ratios to Average Net Assets
Total income (loss)	11.13%	28.53%	(3.59%)
Management fees	0.75%	0.75%	0.75%
Total expenses excluding management fees	0.61%	1.28%	1.41%
Expense waived	(0.46%)	(1.13%)	(1.26%)
Net expense excluding management fees	0.15%	0.15%	0.15%
Net income (loss)	10.23%	27.63%	(4.49%)

QUARTERLY FINANCIAL DATA - Quar

QUARTERLY FINANCIAL DATA - Quarterly Financial Information Presents The Results Of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
QUARTERLY FINANCIAL DATA
Total Income (Loss)	$ (7,359,202)	$ 8,500,086	$ (7,376,296)	$ 10,187,198	$ (3,660,845)	$ 4,608,063	$ 2,198,433	$ 116,939	$ 3,951,786	$ 3,262,590	$ (171,776)
Total Expenses	99,338	165,083	146,042	72,633	59,218	64,948	60,037	47,470	483,096	231,673	103,639
Expense Waivers	(22,929)	(70,448)	(52,406)	(17,793)	(20,736)	(38,328)	(39,639)	(30,045)	(163,576)	(128,748)	(60,535)
Net Expense	76,409	94,635	93,636	54,840	38,482	26,620	20,398	17,425	319,520	102,925	43,104
Net Income (Loss)	$ (7,435,611)	$ 8,405,451	$ (7,469,932)	$ 10,132,358	$ (3,699,327)	$ 4,581,443	$ 2,178,035	$ 99,514	$ 3,632,266	$ 3,159,665	$ (214,880)
Net Income (Loss) per Share	$ (4.78)	$ 4.34	$ (0.23)	$ 6.26	$ (2.83)	$ 4.50	$ 2.09	$ 0.15	$ 5.59	$ 3.91	$ (0.69)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - UNL's Securities Fair Value Hierarchy (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
United States
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	$ (8,419,740)	$ 548,509
Short-Term Investments
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	22,000,000	14,000,000
Level 1 | United States
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	(8,419,740)	548,509
Level 1 | Short-Term Investments
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	22,000,000	14,000,000
Level 2 | United States
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	0	0
Level 2 | Short-Term Investments
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	0	0
Level 3 | United States
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	0	0
Level 3 | Short-Term Investments
FAIR VALUE OF FINANCIAL INSTRUMENTS
Securities, fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivatives not Accounted for as Hedging Instruments	$ (8,419,740)	$ 548,509
Commodity Contracts | Futures | Assets
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivatives not Accounted for as Hedging Instruments	$ 8,419,740	$ (548,509)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Derivative Instruments on Condensed Statements of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income	$ (8,968,249)	$ 570,473	$ 413,714
Commodity Contracts | Futures | Not Designated as Hedging Instrument | Realized gain (loss) on closed positions
FAIR VALUE OF FINANCIAL INSTRUMENTS
Realized Gain (Loss) on Derivatives Recognized in Income	0	2,685,138	(608,115)
Commodity Contracts | Futures | Not Designated as Hedging Instrument | Change in unrealized gain (loss) on open positions
FAIR VALUE OF FINANCIAL INSTRUMENTS
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income	$ 0	$ 570,473	$ 413,714