Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 11, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | United States Brent Oil Fund, LP | ||
Entity Central Index Key | 0001472494 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 105,355,000 | ||
Trading Symbol | BNO | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 5,100,000 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents (at cost $62,639,874 and $78,344,087, respectively) (Notes 2 and 5) | $ 62,639,874 | $ 78,344,087 |
Equity in trading accounts: | ||
Cash and cash equivalents (at cost $17,417,768 and $14,167,416, respectively) | 17,417,768 | 14,167,416 |
Unrealized gain (loss) on open commodity futures contracts | (6,289,510) | 5,587,910 |
Receivable from General Partner (Note 3) | 81,642 | 331,433 |
Dividends receivable | 17,812 | 16,991 |
Interest receivable | 1,387 | 9,575 |
ETF transaction fees receivable | 0 | 350 |
Total assets | 73,868,973 | 98,457,762 |
Liabilities and Partners' Capital | ||
Payable for shares redeemed | 0 | 3,597,840 |
General Partner management fees payable (Note 3) | 50,008 | 61,483 |
Professional fees payable | 190,142 | 243,122 |
Brokerage commissions payable | 2,816 | 5,316 |
Directors' fees and insurance payable | 1,379 | 1,128 |
Total liabilities | 244,345 | 3,908,889 |
Commitments and Contingencies (Notes 3, 4 and 5) | ||
Partners' Capital | ||
General Partner | 0 | 0 |
Limited Partners | 73,624,628 | 94,548,873 |
Total Partners' Capital | 73,624,628 | 94,548,873 |
Total liabilities and partners' capital | $ 73,868,973 | $ 98,457,762 |
Limited Partners' shares outstanding | 4,850,000 | 5,200,000 |
Net asset value per share | $ 15.18 | $ 18.18 |
Market value per share | $ 15.33 | $ 18.10 |
Schedule of Investments
Schedule of Investments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Equivalents [Member] | |||
Market Value | $ 67,609,727 | $ 82,786,902 | |
% of Partners' Capital | 91.83% | 87.56% | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | |||
Market Value | $ 61,659,727 | $ 62,786,902 | |
% of Partners' Capital | 83.75% | 66.41% | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.10%, 1/03/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,999,654 | ||
% of Partners' Capital | 4.07% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.10%, 1/10/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,998,440 | ||
% of Partners' Capital | 4.07% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.13%, 1/17/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,997,187 | ||
% of Partners' Capital | 4.07% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.15%, 1/24/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,995,927 | ||
% of Partners' Capital | 4.07% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.18%, 1/31/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,994,612 | ||
% of Partners' Capital | 4.07% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.20%, 2/07/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,529 | ||
% of Partners' Capital | 2.71% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.19%, 2/14/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,994,696 | ||
% of Partners' Capital | 2.71% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.20%, 2/21/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,993,823 | ||
% of Partners' Capital | 2.71% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.24%, 2/28/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,989,294 | ||
% of Partners' Capital | 4.06% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.38%, 3/07/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,991,496 | ||
% of Partners' Capital | 2.71% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.28%, 3/14/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,990,980 | ||
% of Partners' Capital | 2.70% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.33%, 3/21/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,989,906 | ||
% of Partners' Capital | 2.70% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.34%, 3/28/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,983,445 | ||
% of Partners' Capital | 4.05% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.37%, 4/04/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,981,826 | ||
% of Partners' Capital | 4.05% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.41%, 4/11/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,980,125 | ||
% of Partners' Capital | 4.05% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.42%, 4/18/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,978,645 | ||
% of Partners' Capital | 4.05% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.43%, 4/25/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,977,200 | ||
% of Partners' Capital | 4.04% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.46%, 5/02/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,983,699 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.47%, 5/09/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,982,684 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.48%, 5/16/2019 | |||
Principal Amount | $ 1,000,000 | ||
Market Value | $ 990,813 | ||
% of Partners' Capital | 1.35% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.50%, 5/23/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,980,554 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 5/30/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,979,657 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.51%, 6/06/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,978,550 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.51%, 6/13/2019 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,966,313 | ||
% of Partners' Capital | 4.03% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 6/20/2019 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,976,767 | ||
% of Partners' Capital | 2.69% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 6/27/2019 | |||
Principal Amount | $ 1,000,000 | ||
Market Value | $ 987,905 | ||
% of Partners' Capital | 1.34% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 1/04/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,999,721 | ||
% of Partners' Capital | 3.17% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.11%, 1/11/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,999,079 | ||
% of Partners' Capital | 3.17% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.10%, 1/18/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,998,971 | ||
% of Partners' Capital | 2.12% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 1/25/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,997,770 | ||
% of Partners' Capital | 3.17% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 2/01/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,997,120 | ||
% of Partners' Capital | 3.17% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.13%, 2/08/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,997,625 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 2/15/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,997,225 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.10%, 2/22/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,996,851 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.09%, 3/01/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,996,444 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.14%, 3/08/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,847 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.14%, 3/15/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,417 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.16%, 3/22/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,994,889 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.17%, 3/29/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,994,393 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.19%, 4/05/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,990,718 | ||
% of Partners' Capital | 3.16% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.22%, 4/12/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,993,182 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.23%, 4/19/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,992,695 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.25%, 4/26/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,992,078 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.27%, 5/03/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,991,460 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.32%, 5/10/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,990,612 | ||
% of Partners' Capital | 2.11% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.37%, 5/17/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,984,615 | ||
% of Partners' Capital | 3.16% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.43%, 5/24/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,983,138 | ||
% of Partners' Capital | 3.16% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.43%, 5/31/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,982,250 | ||
% of Partners' Capital | 3.15% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.45%, 6/07/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,981,160 | ||
% of Partners' Capital | 3.15% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.46%, 6/14/2018 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,986,834 | ||
% of Partners' Capital | 2.10% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.49%, 6/21/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,978,910 | ||
% of Partners' Capital | 3.15% | ||
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.50%, 6/28/2018 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,977,898 | ||
% of Partners' Capital | 3.15% | ||
Cash Equivalents [Member] | United States [Member] | United States - Money Market Funds [Member] | |||
Market Value | $ 5,950,000 | $ 20,000,000 | |
% of Partners' Capital | 8.08% | 21.15% | |
Cash Equivalents [Member] | United States [Member] | United States - Money Market Funds [Member] | Fidelity Investments Money Market Funds - Government Portfolio [Member] | |||
Principal Amount | $ 150,000 | $ 12,000,000 | |
Market Value | $ 150,000 | $ 12,000,000 | |
% of Partners' Capital | 0.20% | 12.69% | |
Cash Equivalents [Member] | United States [Member] | United States - Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member] | |||
Principal Amount | $ 5,000,000 | $ 3,000,000 | |
Market Value | $ 5,000,000 | $ 3,000,000 | |
% of Partners' Capital | 6.79% | 3.17% | |
Cash Equivalents [Member] | United States [Member] | United States - Money Market Funds [Member] | Morgan Stanley Institutional Liquidity Funds - Government Portfolio [Member] | |||
Principal Amount | $ 800,000 | $ 5,000,000 | |
Market Value | $ 800,000 | $ 5,000,000 | |
% of Partners' Capital | 1.09% | 5.29% | |
Open Futures Contracts - Long [Member] | Foreign Contracts [Member] | ICE Brent Crude Oil Futures CO March 2019 contracts, expiring January 2019 [Member] | |||
Principal Amount | [1] | $ 79,887,910 | |
Number of Contracts | [1] | 1,368 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [1] | $ (6,289,510) | |
% of Partners' Capital | [1] | (8.54%) | |
Open Futures Contracts - Long [Member] | Foreign Contracts [Member] | ICE Brent Crude Oil Futures CO March 2018 contracts, expiring January 2018 [Member] | |||
Principal Amount | [2] | $ 88,966,270 | |
Number of Contracts | [2] | 1,414 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [2] | $ 5,587,910 | |
% of Partners' Capital | [2] | 5.91% | |
[1] | Collateral amounted to $17,417,768 on open futures contracts. | ||
[2] | Collateral amounted to $14,167,416 on open futures contracts. |
Schedule of Investments _Parent
Schedule of Investments [Parenthetical] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Collateral amount on open futures contracts | $ 17,417,768 | $ 14,167,416 |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.10%, 1/03/2019 | ||
Interest rate | 2.10% | |
Expiration date | 1/03/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.10%, 1/10/2019 | ||
Interest rate | 2.10% | |
Expiration date | 1/10/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.13%, 1/17/2019 | ||
Interest rate | 2.13% | |
Expiration date | 1/17/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.15%, 1/24/2019 | ||
Interest rate | 2.15% | |
Expiration date | 1/24/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.18%, 1/31/2019 | ||
Interest rate | 2.18% | |
Expiration date | 1/31/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.20%, 2/07/2019 | ||
Interest rate | 2.20% | |
Expiration date | 2/07/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.19%, 2/14/2019 | ||
Interest rate | 2.19% | |
Expiration date | 2/14/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.20%, 2/21/2019 | ||
Interest rate | 2.20% | |
Expiration date | 2/21/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.24%, 2/28/2019 | ||
Interest rate | 2.24% | |
Expiration date | 2/28/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.38%, 3/07/2019 | ||
Interest rate | 2.38% | |
Expiration date | 3/07/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.28%, 3/14/2019 | ||
Interest rate | 2.28% | |
Expiration date | 3/14/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.33%, 3/21/2019 | ||
Interest rate | 2.33% | |
Expiration date | 3/21/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.34%, 3/28/2019 | ||
Interest rate | 2.34% | |
Expiration date | 3/28/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.37%, 4/04/2019 | ||
Interest rate | 2.37% | |
Expiration date | 4/04/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.41%, 4/11/2019 | ||
Interest rate | 2.41% | |
Expiration date | 4/11/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.42%, 4/18/2019 | ||
Interest rate | 2.42% | |
Expiration date | 4/18/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.43%, 4/25/2019 | ||
Interest rate | 2.43% | |
Expiration date | 4/25/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.46%, 5/02/2019 | ||
Interest rate | 2.46% | |
Expiration date | 5/02/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.47%, 5/09/2019 | ||
Interest rate | 2.47% | |
Expiration date | 5/09/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.48%, 5/16/2019 | ||
Interest rate | 2.48% | |
Expiration date | 5/16/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.50%, 5/23/2019 | ||
Interest rate | 2.50% | |
Expiration date | 5/23/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 5/30/2019 | ||
Interest rate | 2.49% | |
Expiration date | 5/30/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.51%, 6/06/2019 | ||
Interest rate | 2.51% | |
Expiration date | 6/06/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.51%, 6/13/2019 | ||
Interest rate | 2.51% | |
Expiration date | 6/13/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 6/20/2019 | ||
Interest rate | 2.49% | |
Expiration date | 6/20/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,2.49%, 6/27/2019 | ||
Interest rate | 2.49% | |
Expiration date | 6/27/2019 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 1/04/2018 | ||
Interest rate | 1.12% | |
Expiration date | 1/04/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.11%, 1/11/2018 | ||
Interest rate | 1.11% | |
Expiration date | 1/11/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.10%, 1/18/2018 | ||
Interest rate | 1.10% | |
Expiration date | 1/18/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 1/25/2018 | ||
Interest rate | 1.12% | |
Expiration date | 1/25/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 2/01/2018 | ||
Interest rate | 1.12% | |
Expiration date | 2/01/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.13%, 2/08/2018 | ||
Interest rate | 1.13% | |
Expiration date | 2/08/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.12%, 2/15/2018 | ||
Interest rate | 1.12% | |
Expiration date | 2/15/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.10%, 2/22/2018 | ||
Interest rate | 1.10% | |
Expiration date | 2/22/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.09%, 3/01/2018 | ||
Interest rate | 1.09% | |
Expiration date | 3/01/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.14%, 3/08/2018 | ||
Interest rate | 1.14% | |
Expiration date | 3/08/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.14%, 3/15/2018 | ||
Interest rate | 1.14% | |
Expiration date | 3/15/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.16%, 3/22/2018 | ||
Interest rate | 1.16% | |
Expiration date | 3/22/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.17%, 3/29/2018 | ||
Interest rate | 1.17% | |
Expiration date | 3/29/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.19%, 4/05/2018 | ||
Interest rate | 1.19% | |
Expiration date | 4/05/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.22%, 4/12/2018 | ||
Interest rate | 1.22% | |
Expiration date | 4/12/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.23%, 4/19/2018 | ||
Interest rate | 1.23% | |
Expiration date | 4/19/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.25%, 4/26/2018 | ||
Interest rate | 1.25% | |
Expiration date | 4/26/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.27%, 5/03/2018 | ||
Interest rate | 1.27% | |
Expiration date | 5/03/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.32%, 5/10/2018 | ||
Interest rate | 1.32% | |
Expiration date | 5/10/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.37%, 5/17/2018 | ||
Interest rate | 1.37% | |
Expiration date | 5/17/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.43%, 5/24/2018 | ||
Interest rate | 1.43% | |
Expiration date | 5/24/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.43%, 5/31/2018 | ||
Interest rate | 1.43% | |
Expiration date | 5/31/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.45%, 6/07/2018 | ||
Interest rate | 1.45% | |
Expiration date | 6/07/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.46%, 6/14/2018 | ||
Interest rate | 1.46% | |
Expiration date | 6/14/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.49%, 6/21/2018 | ||
Interest rate | 1.49% | |
Expiration date | 6/21/2018 | |
Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills,1.50%, 6/28/2018 | ||
Interest rate | 1.50% | |
Expiration date | 6/28/2018 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Gain (loss) on trading of commodity futures contracts: | ||||
Realized gain (loss) on closed futures contracts | $ (4,153,140) | $ 12,264,400 | $ 27,857,540 | |
Change in unrealized gain (loss) on open futures contracts | (11,877,420) | 3,255,030 | 9,775,220 | |
Dividend income | 408,899 | 173,888 | 66,811 | |
Interest income | [1] | 1,284,171 | 654,768 | 290,408 |
ETF transaction fees | 13,300 | 10,850 | 14,350 | |
Total income (loss) | (14,324,190) | 16,358,936 | 38,004,329 | |
Expenses | ||||
General Partner management fees (Note 3) | 721,836 | 756,539 | 832,667 | |
Professional fees | 111,160 | 336,708 | 179,655 | |
Brokerage commissions | 98,880 | 132,707 | 165,409 | |
Directors' fees and insurance | 15,970 | 13,325 | 11,565 | |
Total expenses | 947,846 | 1,239,279 | 1,189,296 | |
Expense waiver (Note 3) | (81,642) | (331,433) | (190,095) | |
Net expenses | 866,204 | 907,846 | 999,201 | |
Net income (loss) | $ (15,190,394) | $ 15,451,090 | $ 37,005,128 | |
Net income (loss) per limited partnership share | $ (3) | $ 2.48 | $ 3.48 | |
Net income (loss) per weighted average limited partnership share | $ (3.14) | $ 2.24 | $ 4.49 | |
Weighted average limited partnership shares outstanding | 4,836,438 | 6,888,630 | 8,243,989 | |
[1] | Interest income does not exceed paid in kind of 5%. |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | General Partner [Member] | Limited Partner [Member] |
Beginning Balances at Dec. 31, 2015 | $ 82,492,110 | $ 0 | $ 82,492,110 |
Net asset value, beginning of year at Dec. 31, 2015 | $ 12.22 | ||
Addition of partnership shares | $ 39,802,240 | 0 | 39,802,240 |
Redemption of partnership shares | (46,276,406) | 0 | (46,276,406) |
Net income (loss) | 37,005,128 | 0 | 37,005,128 |
Ending Balances at Dec. 31, 2016 | $ 113,023,072 | 0 | 113,023,072 |
Net asset value, end of year at Dec. 31, 2016 | $ 15.70 | ||
Addition of partnership shares | $ 40,082,469 | 0 | 40,082,469 |
Redemption of partnership shares | (74,007,758) | 0 | (74,007,758) |
Net income (loss) | 15,451,090 | 0 | 15,451,090 |
Ending Balances at Dec. 31, 2017 | $ 94,548,873 | 0 | 94,548,873 |
Net asset value, end of year at Dec. 31, 2017 | $ 18.18 | ||
Addition of partnership shares | $ 41,996,934 | 0 | 41,996,934 |
Redemption of partnership shares | (47,730,785) | 0 | (47,730,785) |
Net income (loss) | (15,190,394) | 0 | (15,190,394) |
Ending Balances at Dec. 31, 2018 | $ 73,624,628 | $ 0 | $ 73,624,628 |
Net asset value, end of year at Dec. 31, 2018 | $ 15.18 |
Statements of Changes in Part_2
Statements of Changes in Partners' Capital [Parenthetical] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Addition of partnership shares | 2,050,000 | 3,150,000 | 3,600,000 |
Redemption of partnership shares | 2,400,000 | 5,150,000 | 3,150,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (15,190,394) | $ 15,451,090 | $ 37,005,128 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Unrealized (gain) loss on open futures contracts | 11,877,420 | (3,255,030) | (9,775,220) |
(Increase) decrease in receivable from General Partner | 249,791 | (141,688) | (54,380) |
(Increase) decrease in dividends receivable | (821) | (6,613) | (10,339) |
(Increase) decrease in interest receivable | 8,188 | (9,575) | 0 |
(Increase) decrease in ETF transaction fees receivable | 350 | 350 | 0 |
Increase (decrease) in General Partner management fees payable | (11,475) | (12,926) | 25,134 |
Increase (decrease) in professional fees payable | (52,980) | 135,701 | (5,790) |
Increase (decrease) in brokerage commissions payable | (2,500) | (1,860) | 1,430 |
Increase (decrease) in directors' fees and insurance payable | 251 | (56) | 523 |
Net cash provided by (used in) operating activities | (3,122,170) | 12,159,393 | 27,186,486 |
Cash Flows from Financing Activities: | |||
Addition of partnership shares | 41,996,934 | 40,082,469 | 41,041,049 |
Redemption of partnership shares | (51,328,625) | (71,195,236) | (45,491,088) |
Net cash provided by (used in) financing activities | (9,331,691) | (31,112,767) | (4,450,039) |
Net Increase (Decrease) in Cash and Cash Equivalents | (12,453,861) | (18,953,374) | 22,736,447 |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year | 92,511,503 | 111,464,877 | 88,728,430 |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year | $ 80,057,642 | $ 92,511,503 | $ 111,464,877 |
Statements of Cash Flows _Paren
Statements of Cash Flows [Parenthetical] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Components of Cash and Cash Equivalents: | |||
Cash and Cash Equivalents | $ 62,639,874 | $ 78,344,087 | $ 103,167,056 |
Equity in Trading Accounts: | |||
Cash and Cash Equivalents | 17,417,768 | 14,167,416 | 8,297,821 |
Total Cash, Cash Equivalents and Equity in Trading Accounts | $ 80,057,642 | $ 92,511,503 | $ 111,464,877 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | NOTE 1 — ORGANIZATION AND BUSINESS The United States Brent Oil Fund, LP (“BNO”) was organized as a limited partnership under the laws of the state of Delaware on September 2, 2009. BNO is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). BNO will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Fourth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”). The investment objective of BNO is for the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the spot price of Brent crude oil, as measured by the daily changes in the Benchmark Futures Contract”, plus interest earned on BNO’s collateral holdings, less BNO’s expenses. The Benchmark Futures Contract is the futures contract on Brent crude oil as traded on Ice Futures that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire. BNO’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of Brent crude oil, nor is BNO’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 . United States Commodity Funds LLC (“USCF”), the general partner of BNO, 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 Crude Oil-Related Investments (as defined below). BNO accomplishes its objective through investments in futures contracts for crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the ICE Futures, the New York Mercantile Exchange (the “NYMEX”), or other U.S. and foreign exchanges (collectively, “Futures Contracts”), and other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts for crude oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Crude Oil-Related Investments”). As of December 31, 2018, BNO held 1,368 Futures Contracts for Brent crude oil traded on the ICE Futures Europe and did not hold any Futures Contracts for Brent crude oil traded on the NYMEX. BNO commenced investment operations on June 2, 2010 and has a fiscal year ending on December 31. USCF is responsible for the management of BNO. 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 the United States 12 Month Natural Gas Fund, LP (“UNL”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “DNO” on September 24, 2009 and “UNL” on November 18, 2009, respectively. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), the United States Agriculture Index Fund (“USAG”) and the USCF Canadian Crude Oil Index Fund (“UCCO”), 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 symbols “USCI” on August 10, 2010, “CPER” on November 15, 2011 and “USAG” on April 13, 2012, respectively. UCCO was in registration and had not commenced operations. UCCO filed to withdraw from registration on December 19, 2018. On August 7, 2018, the Board of Directors of USCF authorized and approved the closing and liquidation for each of USAG, DNO and UHN together with a plan of liquidation for each of USAG, DNO and UHN. Each of the United States Commodity Index Funds Trust (“USCIFT”), of which USAG is a series, DNO and UHN filed a current report on Form 8-K dated August 8, 2018 with the SEC that included, as an exhibit, the press release, the applicable plan of liquidation, and, in the case of DNO and UHN, a copy of the notice of required withdrawal from the limited partnership sent to shareholders. In addition, each of USAG, DNO and UHN filed a prospectus supplement with the SEC dated August 8, 2018. The liquidation date for each of USAG, DNO and UHN was September 12, 2018 and the proceeds of the liquidation were sent to all remaining shareholders of USAG, DNO and UHN, respectively, on or about September 13, 2018, with a subsequent distribution of additional liquidation proceeds sent to UHN shareholders on or about September 18, 2018. Each of USAG, DNO and UHN also filed a post-effective amendment to the registration statement with the SEC to terminate the offering of registered and unsold shares of USAG, DNO and UHN, respectively, and the NYSE Arca filed Forms 25 to effect the withdrawal of the listings for shares of each of USAG, DNO and UHN. In addition, USCF is the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the United States 3x Short Oil Fund (“USOD”), which commenced operations on July 20, 2017. All funds listed previously, other than DNO, UHN and USAG, are referred to collectively herein as the “Related Public Funds.” BNO 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. In addition, Authorized Participants pay BNO a $350 fee 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 BNO but rather at market prices quoted on such exchange. In May 2010, BNO initially registered 50,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On June 2, 2010, BNO listed its shares on the NYSE Arca under the ticker symbol “BNO”. BNO established its’ initial per share NAV by setting the price at $50.00 and issued 200,000 shares in exchange for $10,000,000. BNO also commenced investment operations on June 2, 2010, by purchasing Futures Contracts traded on the ICE Futures Europe based on Brent crude oil. As of December 31, 2018, BNO had registered a total of 50,000,000 shares. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. BNO is an investment company and follows the accounting and reporting guidance in FASB Topic 946. Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the 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. BNO earns income on funds held at the custodian or a futures commission merchant (“FCM”) 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 BNO 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, BNO 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. BNO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. BNO is not subject to income tax return examinations by major taxing authorities for years before 2015. 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 BNO recording a tax liability that reduces net assets. However, BNO'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. BNO 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, 2018. 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. BNO 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 BNO'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 BNO a transaction fee of $350 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 BNO 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 BNO'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. BNO 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, 2018. Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by BNO. 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, 2018 | |
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 BNO in accordance with the objectives and policies of BNO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to BNO. For these services, BNO 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 BNO 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, 2018, 2017 and 2016, BNO did not incur registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses BNO is responsible for paying its portion of the directors’ and officers’ liability insurance for BNO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of BNO and the Related Public Funds. BNO 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 ended December 31, 2018 were $521,689 for BNO and the Related Public Funds. BNO's portion of such fees and expenses for the year ended December 31, 2018 was $15,970. For the year ended December 31, 2017, these fees and expenses were $536,375 for BNO and the Related Public Funds. BNO’s portion of such fees and expenses for the year ended December 31, 2017 was $13,325. For the year ended December 31, 2016, these fees and expenses were $582,050 for BNO and the Related Public Funds. BNO’s portion of such fees and expenses for the year ended December 31, 2016 was $11,565. Investor Tax Reporting Cost The fees and expenses associated with BNO's audit expenses and tax accounting and reporting requirements are paid by BNO. These costs were approximately $111,000 for the year ended December 31, 2018, approximately $190,000 for the year ended December 31, 2017 and approximately $174,000 for the year ended December 31, 2016. 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, BNO pays all brokerage fees and other expenses in connection with the operation of BNO, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below. USCF paid certain expenses on a discretionary basis typically borne by BNO, where expenses exceed 0.15% (15 basis points) of BNO’s NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods. For the year ended December 31, 2018, USCF waived $81,642 of BNO’s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 4 – Contracts and Agreements . |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Contractors [Abstract] | |
CONTRACTS AND AGREEMENTS | NOTE 4 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement BNO is party to a marketing agent agreement, dated as of March 31, 2010, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for BNO as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06% on BNO's assets up to $3 billion and 0.04% on BNO's assets in excess of $3 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10% of the gross proceeds of BNO's offering. The above fee does not include website construction and development, which are also borne by USCF. Brown Brothers Harriman & Co. Agreements BNO is also party to a custodian agreement, dated February 8, 2010, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of BNO. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, BNO is party to an administrative agency agreement, dated February 8, 2010, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for BNO. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to BNO and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services. In addition, USCF pays BBH&Co. an asset-based charge of (a) 0.06% for the first $500 million of the Related Public Funds’ combined net assets, (b) 0.0465% for the Related Public Funds’ combined net assets greater than $500 million but less than $1 billion, and (c) 0.035% once the Related Public Funds’ combined net assets exceed $1 billion. The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. USCF also pays BBH&Co. transaction fees ranging from $7 to $15 per transaction. Brokerage and Futures Commission Merchant Agreements On October 8, 2013, BNO entered into a brokerage agreement with RBC to serve as BNO's FCM effective October 10, 2013. The agreement with RBC requires it to provide services to BNO in connection with the purchase and sale of Futures Contracts and Other Crude Oil-Related Investments that may be purchased and sold by or through RBC Capital for BNO's account. In accordance with the agreement, RBC Capital charges BNO commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts. Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when BNO issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when BNO redeems shares as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. BNO also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Total commissions accrued to brokers $ 98,880 $ 132,707 $ 165,409 Total commissions as annualized percentage of average total net assets 0.10 % 0.13 % 0.15 % Commissions accrued as a result of rebalancing $ 95,188 $ 127,847 $ 160,817 Percentage of commissions accrued as a result of rebalancing 96.27 % 96.34 % 97.22 % Commissions accrued as a result of creation and redemption activity $ 3,692 $ 4,860 $ 4,592 Percentage of commissions accrued as a result of creation and redemption activity 3.73 % 3.66 % 2.78 % The decrease in total commissions accrued to brokers for the year ended December 31, 2018, compared to the year ended December 31, 2017, was due primarily to a lower number of oil futures contracts being held and traded. The decrease in total commissions accrued to brokers for the year ended December 31, 2017, compared to the year ended December 31, 2016, was due primarily to lower number of futures contracts being held and traded. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | NOTE 5 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES BNO may engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). BNO 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. BNO 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 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. 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 BNO 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 BNO through December 31, 2018 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 BNO 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. BNO 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, BNO bears the risk of financial failure by the clearing broker. BNO'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 BNO's assets posted with that FCM; however, the majority of BNO's assets are held in investments in Treasuries, cash and/or cash equivalents with BNO's custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of BNO's custodian, however, could result in a substantial loss of BNO's assets. USCF invests a portion of BNO's cash in money market funds that seek to maintain a stable per share NAV. BNO is exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2018 and December 31, 2017, BNO held investments in money market funds in the amounts of $5,950,000 and $20,000,000, respectively. BNO also holds cash deposits with its custodian. Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada; London, United Kingdom; Grand Cayman, Cayman Islands; and Nassau, Bahamas; which are subject to U.S. regulation and regulatory oversight. As of December 31, 2018 and December 31, 2017, BNO held cash deposits and investments in Treasuries in the amounts of $74,107,642 and $72,511,503, respectively, with the custodian and FCM. Some or all of these amounts may be subject to loss should BNO's custodian and/or FCM cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, BNO 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, BNO 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. BNO'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, BNO 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 BNO 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, 2018 | |
Supplemental Financial Information Disclosure [Abstract] | |
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, 2018, 2017 and 2016 for the shareholders. This information has been derived from information presented in the financial statements. Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Per Share Operating Performance: Net asset value, beginning of year $ 18.18 $ 15.70 $ 12.22 Total income (loss) (2.82 ) 2.61 3.60 Net expenses (0.18 ) (0.13 ) (0.12 ) Net increase (decrease) in net asset value (3.00 ) 2.48 3.48 Net asset value, end of year $ 15.18 $ 18.18 $ 15.70 Total Return (16.50 )% 15.80 % 28.48 % Ratios to Average Net Assets Total income (loss) (14.88 )% 16.22 % 34.23 % Management fees 0.75 % 0.75 % 0.75 % Total expenses excluding management fees 0.23 % 0.48 % 0.32 % Expenses waived (0.08 )% (0.33 )% (0.17 )% Net expenses excluding management fees 0.15 % 0.15 % 0.15 % Net income (loss) (15.78 )% 15.32 % 33.33 % 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 BNO. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | NOTE 7 - QUARTERLY FINANCIAL DATA (Unaudited) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2018 and 2017. First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ 4,772,682 $ 14,513,797 $ 4,932,679 $ (38,543,348 ) Total Expenses 269,461 237,273 227,009 214,103 Expense Waivers (59,168 ) (18,291 ) (599 ) (3,584 ) Net Expenses 210,293 218,982 226,410 210,519 Net Income (Loss) $ 4,562,389 $ 14,294,815 $ 4,706,269 $ (38,753,867 ) Net Income (Loss) per Share $ 0.95 $ 3.08 $ 1.07 $ (8.10 ) First Quarter 2017 Second Quarter 2017 Third Quarter 2017 Fourth Quarter 2017 Total Income (Loss) $ (8,301,247 ) $ (8,631,948 ) $ 15,602,885 $ 17,689,246 Total Expenses 358,711 287,274 292,404 300,890 Expense Waivers (120,259 ) (63,219 ) (66,850 ) (81,105 ) Net Expenses 238,452 224,055 225,554 219,785 Net Income (Loss) $ (8,539,699 ) $ (8,856,003 ) $ 15,377,331 $ 17,469,461 Net Income (Loss) per Share $ (1.20 ) $ (1.53 ) $ 2.22 $ 2.99 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 8 — FAIR VALUE OF FINANCIAL INSTRUMENTS BNO 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 BNO (observable inputs) and (2) BNO's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarizes the valuation of BNO’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 67,609,727 $ 67,609,727 $ — $ — Exchange-Traded Futures Contracts Foreign Contracts (6,289,510 ) (6,289,510 ) — — During the year ended December 31, 2018, there were no transfers between Level I and Level II. The following table summarizes the valuation of BNO’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 82,786,902 $ 82,786,902 $ — $ — Exchange-Traded Futures Contracts Foreign Contracts 5,587,910 5,587,910 — — During the year ended December 31, 2017, there were no transfers between Level I and Level II. Effective January 1, 2009, BNO 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 Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ (6,289,510 ) $ 5,587,910 The Effect of Derivative Instruments on the Statements of Operations For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (4,153,140 ) $ 12,264,400 $ 27,857,540 Change in unrealized gain (loss) on open positions $ (11,877,420 ) $ 3,255,030 $ 9,775,220 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-14, Revenue from Contracts with Customers, modifying ASU 2014-09. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard became effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. There were no material impacts to the Fund’s financial statements upon adoption. New Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management has evaluated the implications of these changes on the financial statements and adopted with no material impact. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS BNO 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, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. BNO 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 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. BNO earns income on funds held at the custodian or a 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 BNO 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, BNO 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. BNO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. BNO is not subject to income tax return examinations by major taxing authorities for years before 2015. 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 BNO recording a tax liability that reduces net assets. However, BNO'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. BNO 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, 2018. |
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. BNO 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 BNO'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 BNO a transaction fee of $350 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 BNO 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 BNO'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. BNO 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, 2018. |
Offering Costs | Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by BNO. 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, 2018 | |
Contractors [Abstract] | |
Brokerage Commissions | BNO also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Total commissions accrued to brokers $ 98,880 $ 132,707 $ 165,409 Total commissions as annualized percentage of average total net assets 0.10 % 0.13 % 0.15 % Commissions accrued as a result of rebalancing $ 95,188 $ 127,847 $ 160,817 Percentage of commissions accrued as a result of rebalancing 96.27 % 96.34 % 97.22 % Commissions accrued as a result of creation and redemption activity $ 3,692 $ 4,860 $ 4,592 Percentage of commissions accrued as a result of creation and redemption activity 3.73 % 3.66 % 2.78 % |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Financial Information Disclosure [Abstract] | |
Schedule Of Per Unit Performance Data and Other Financial Data | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2018, 2017 and 2016 for the shareholders. This information has been derived from information presented in the financial statements. Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Per Share Operating Performance: Net asset value, beginning of year $ 18.18 $ 15.70 $ 12.22 Total income (loss) (2.82 ) 2.61 3.60 Net expenses (0.18 ) (0.13 ) (0.12 ) Net increase (decrease) in net asset value (3.00 ) 2.48 3.48 Net asset value, end of year $ 15.18 $ 18.18 $ 15.70 Total Return (16.50 )% 15.80 % 28.48 % Ratios to Average Net Assets Total income (loss) (14.88 )% 16.22 % 34.23 % Management fees 0.75 % 0.75 % 0.75 % Total expenses excluding management fees 0.23 % 0.48 % 0.32 % Expenses waived (0.08 )% (0.33 )% (0.17 )% Net expenses excluding management fees 0.15 % 0.15 % 0.15 % Net income (loss) (15.78 )% 15.32 % 33.33 % |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2018 and 2017. First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ 4,772,682 $ 14,513,797 $ 4,932,679 $ (38,543,348 ) Total Expenses 269,461 237,273 227,009 214,103 Expense Waivers (59,168 ) (18,291 ) (599 ) (3,584 ) Net Expenses 210,293 218,982 226,410 210,519 Net Income (Loss) $ 4,562,389 $ 14,294,815 $ 4,706,269 $ (38,753,867 ) Net Income (Loss) per Share $ 0.95 $ 3.08 $ 1.07 $ (8.10 ) First Quarter 2017 Second Quarter 2017 Third Quarter 2017 Fourth Quarter 2017 Total Income (Loss) $ (8,301,247 ) $ (8,631,948 ) $ 15,602,885 $ 17,689,246 Total Expenses 358,711 287,274 292,404 300,890 Expense Waivers (120,259 ) (63,219 ) (66,850 ) (81,105 ) Net Expenses 238,452 224,055 225,554 219,785 Net Income (Loss) $ (8,539,699 ) $ (8,856,003 ) $ 15,377,331 $ 17,469,461 Net Income (Loss) per Share $ (1.20 ) $ (1.53 ) $ 2.22 $ 2.99 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Valuation of Securities Using Fair Value Hierarchy | The following table summarizes the valuation of BNO’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 67,609,727 $ 67,609,727 $ — $ — Exchange-Traded Futures Contracts Foreign Contracts (6,289,510 ) (6,289,510 ) — — During the year ended December 31, 2018, there were no transfers between Level I and Level II. The following table summarizes the valuation of BNO’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 82,786,902 $ 82,786,902 $ — $ — Exchange-Traded Futures Contracts Foreign Contracts 5,587,910 5,587,910 — — |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ (6,289,510 ) $ 5,587,910 |
Effect of Derivative Instruments on Condensed Statements of Operations | The Effect of Derivative Instruments on the Statements of Operations For the year ended December 31, 2018 For the year ended December 31, 2017 For the year ended December 31, 2016 Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (4,153,140 ) $ 12,264,400 $ 27,857,540 Change in unrealized gain (loss) on open positions $ (11,877,420 ) $ 3,255,030 $ 9,775,220 |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
Jun. 02, 2010USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | May 31, 2010shares | |
Units Issued During Period To Authorized Purchasers Through Distributors | 50,000 | |||||
Transaction Fee | $ | $ 350 | |||||
Initially Registered Units Of Entity With Sec | 50,000,000 | |||||
Net asset value per unit | $ / shares | $ 50 | $ 15.18 | $ 18.18 | $ 15.70 | $ 12.22 | |
Initial stock units issued | 200,000 | |||||
Initial Units Value, Issued | $ | $ 10,000,000 | |||||
Total Units Registered Of Entity | 50,000,000 | |||||
Number of Units Per Baskets | 50,000 | |||||
Ice Brent Crude Oil Futures Co September 2018 Contracts Expiring January 2018 [Member] | ||||||
Number of Contracts | 1,368 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Number of Units Per Baskets | shares | 50,000 |
Transaction Fee | $ 350 |
Redemption Baskets [Member] | |
Transaction Fee | $ 350 |
FEES PAID BY THE FUND AND REL_2
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Percentage Of Management Fee In Average Daily Total Net Assets | 0.75% | ||
Estimated Investor Tax Reporting Cost | $ 111,000 | $ 190,000 | $ 174,000 |
Percentage Of Fees and Other Waivers Expense | 0.15% | ||
Expenses Write Off | $ 81,642 | ||
BNO [Member] | |||
Estimated Directors Fees and Expenses | 521,689 | 536,375 | 582,050 |
BNO and Related Public Fund [Member] | |||
Estimated Directors Fees and Expenses | $ 15,970 | $ 13,325 | $ 11,565 |
CONTRACTS AND AGREEMENTS (Detai
CONTRACTS AND AGREEMENTS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Brokerage commissions | $ 98,880 | $ 132,707 | $ 165,409 |
Percentage Of Average Daily Net Assets | 0.10% | 0.13% | 0.15% |
Rebalancing Investments Transaction [Member] | |||
Brokerage commissions | $ 95,188 | $ 127,847 | $ 160,817 |
Percentage Of Average Daily Net Assets | 96.27% | 96.34% | 97.22% |
Creation And Redemption Activity [Member] | |||
Brokerage commissions | $ 3,692 | $ 4,860 | $ 4,592 |
Percentage Of Average Daily Net Assets | 3.73% | 3.66% | 2.78% |
CONTRACTS AND AGREEMENTS (Det_2
CONTRACTS AND AGREEMENTS (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / Unit | |
Annual Fee Payable For Transfer Agency Services | $ 20,000 |
Maximum [Member] | |
Transaction fees per transaction | $ / Unit | 15 |
Commission Per Round Turn | $ 8 |
Minimum [Member] | |
Annual Fee Payable For Transfer Agency Services | $ 75,000 |
Transaction fees per transaction | $ / Unit | 7 |
Commission Per Round Turn | $ 7 |
First $500 Million Of The Related Public Funds' Combined Net Assets [Member] | |
Fee percentage | 0.06% |
First $500 Million Of The Related Public Funds' Combined Net Assets [Member] | Maximum [Member] | |
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] | |
Fee percentage | 0.0465% |
Related Public Funds' Combined Net Assets Greater Than $500 Million But Less Than $1 Billion [Member] | Maximum [Member] | |
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] | |
Base amount for determining fee percentage | $ 500,000,000 |
Related Public Funds' Combined Net Assets Exceed $1 Billion [Member] | |
Fee percentage | 0.035% |
Related Public Funds' Combined Net Assets Exceed $1 Billion [Member] | Minimum [Member] | |
Base amount for determining fee percentage | $ 1,000,000,000 |
Marketing Agreement [Member] | BNO's assets up to $3 billion [Member] | |
Fee percentage | 0.06% |
Marketing Agreement [Member] | BNO's assets up to $3 billion [Member] | Maximum [Member] | |
Base amount for determining fee percentage | $ 3,000,000,000 |
Marketing Agreement [Member] | BNO's assets in excess of $3 billion [Member] | |
Fee percentage | 0.04% |
Marketing Agreement [Member] | BNO's assets in excess of $3 billion [Member] | Maximum [Member] | |
Fee percentage | 10.00% |
Marketing Agreement [Member] | BNO's assets in excess of $3 billion [Member] | Minimum [Member] | |
Base amount for determining fee percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA_2
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Money Market Funds, at Carrying Value | $ 5,950,000 | $ 20,000,000 |
Cash Deposits and Investments In Treasuries | $ 74,107,642 | $ 72,511,503 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Per Share Operating Performance: | |||
Net asset value, beginning of year | $ 18.18 | $ 15.70 | $ 12.22 |
Total income (loss) | (2.82) | 2.61 | 3.60 |
Net expenses | (0.18) | (0.13) | (0.12) |
Net increase (decrease) in net asset value | (3) | 2.48 | 3.48 |
Net asset value, end of year | $ 15.18 | $ 18.18 | $ 15.70 |
Total Return | (16.50%) | 15.80% | 28.48% |
Ratios to Average Net Assets | |||
Total income (loss) | (14.88%) | 16.22% | 34.23% |
Management fees | 0.75% | 0.75% | 0.75% |
Total expenses excluding management fees | 0.23% | 0.48% | 0.32% |
Expenses waived | (0.08%) | (0.33%) | (0.17%) |
Net expenses excluding management fees | 0.15% | 0.15% | 0.15% |
Net income (loss) | (15.78%) | 15.32% | 33.33% |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Total Income (Loss) | $ (38,543,348) | $ 4,932,679 | $ 14,513,797 | $ 4,772,682 | $ 17,689,246 | $ 15,602,885 | $ (8,631,948) | $ (8,301,247) | |||
Total Expenses | 214,103 | 227,009 | 237,273 | 269,461 | 300,890 | 292,404 | 287,274 | 358,711 | |||
Expense Waivers | (3,584) | (599) | (18,291) | (59,168) | (81,105) | (66,850) | (63,219) | (120,259) | $ 81,642 | $ 331,433 | $ 190,095 |
Net Expenses | 210,519 | 226,410 | 218,982 | 210,293 | 219,785 | 225,554 | 224,055 | 238,452 | |||
Net Income (Loss) | $ (38,753,867) | $ 4,706,269 | $ 14,294,815 | $ 4,562,389 | $ 17,469,461 | $ 15,377,331 | $ (8,856,003) | $ (8,539,699) | $ (15,190,394) | $ 15,451,090 | $ 37,005,128 |
Net Income (Loss) per Share | $ (8.10) | $ 1.07 | $ 3.08 | $ 0.95 | $ 2.99 | $ 2.22 | $ (1.53) | $ (1.20) | $ (3) | $ 2.48 | $ 3.48 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Short-Term Investments | $ 67,609,727 | $ 82,786,902 |
Exchange-Traded Futures Contracts | ||
Foreign Contracts | (6,289,510) | 5,587,910 |
Fair Value, Inputs, Level 1 [Member] | ||
Short-Term Investments | 67,609,727 | 82,786,902 |
Exchange-Traded Futures Contracts | ||
Foreign Contracts | (6,289,510) | 5,587,910 |
Fair Value, Inputs, Level 2 [Member] | ||
Short-Term Investments | 0 | 0 |
Exchange-Traded Futures Contracts | ||
Foreign Contracts | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Short-Term Investments | 0 | 0 |
Exchange-Traded Futures Contracts | ||
Foreign Contracts | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives not Accounted for as Hedging Instruments | Futures - Commodity Contracts | |
Statements of Financial Condition Location | Assets | |
Futures - Commodity Contracts | $ (6,289,510) | $ 5,587,910 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives not Accounted for as Hedging Instruments | Futures - Commodity Contracts | ||
Location of Gain (Loss) on Derivatives Recognized in Income | Change in unrealized gain (loss) on open positions | ||
Realized Gain (Loss) on Derivatives Recognized in Income | $ (4,153,140) | $ 12,264,400 | $ 27,857,540 |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ (11,877,420) | $ 3,255,030 | $ 9,775,220 |
Commodity Contract [Member] | |||
Location of Gain (Loss) on Derivatives Recognized in Income | Realized gain (loss) on closed positions |