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United States 12 Month Oil Fund LP

United States 12 Month Oil Fund LP (USL)

39.86
0.3782
(0.96%)
Closed March 29 04:00PM
39.86
0.00
(0.00%)
After Hours: 06:15PM

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Key stats and details

Current Price
39.86
Bid
-
Ask
-
Volume
3,786
39.7199 Day's Range 39.965
30.59 52 Week Range 41.08
Market Cap
Previous Close
39.4818
Open
39.76
Last Trade
114
@
39.86
Last Trade Time
Financial Volume
$ 150,757
VWAP
39.8196
Average Volume (3m)
8,872
Shares Outstanding
2,000,000
Dividend Yield
-
PE Ratio
-1,398.60
Earnings Per Share (EPS)
-0.03
Revenue
4.54M
Net Profit
-57k

About United States 12 Month Oil Fund LP

The investment seeks to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil called the Benchmark Oil... The investment seeks to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil called the Benchmark Oil Futures Contracts. The fund invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels. The Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange. Show more

Sector
Trust,ex Ed,religious,charty
Industry
Trust,ex Ed,religious,charty
Headquarters
Wilmington, Delaware, USA
Founded
1970
United States 12 Month Oil Fund LP is listed in the Trust,ex Ed,religious,charty sector of the American Stock Exchange with ticker USL. The last closing price for United States 12 Month Oil was $39.48. Over the last year, United States 12 Month Oil shares have traded in a share price range of $ 30.59 to $ 41.08.

United States 12 Month Oil currently has 2,000,000 shares outstanding. The market capitalization of United States 12 Month Oil is $79.72 million. United States 12 Month Oil has a price to earnings ratio (PE ratio) of -1398.60.

USL Latest News

Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

0001405528--12-312023FYfalse00014055282007-12-062007-12-060001405528usl:GroupFiveMemberusl:MarketingAgreementMember2022-10-012022-10-010001405528usl:CreationBasketsMember2023-12-3100014055282007-12...

Form 8-K - Current report

false 0001405528 0001405528 2024-02-28 2024-02-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares  ...

Form 8-K - Current report

false 0001405528 0001405528 2024-01-30 2024-01-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares  ...

Form 8-K - Current report

false 0001405528 0001405528 2023-12-28 2023-12-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares  ...

Form 424B3 - Prospectus [Rule 424(b)(3)]

Filed pursuant to Rule 424(b)(3) File No. 333-270699   UNITED STATES 12 MONTH OIL FUND, LP   Supplement dated December 4, 2023 to Prospectus dated April 28, 2023   This...

Form 8-K - Current report

false 0001405528 0001405528 2023-11-28 2023-11-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares  ...

Form 8-K - Current report

0001405528 false 0001405528 2023-11-14 2023-11-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares...

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

0001405528--12-312023Q3false00014055282007-12-062007-12-060001405528usl:MarketingAgreementMember2022-10-012022-10-0100014055282007-12-0400014055282023-06-3000014055282022-06-3000014055282007-12-060...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.61.5282730514539.2639.96539.03679539.31548485SP
42.386.3500533617937.4839.96537.215972038.27617097SP
124.0811.403018446135.7839.96534.5887237.05651181SP
26-0.88-2.1600392734440.7440.8434.011503237.23208413SP
527.3922.759470280332.4741.0830.591500636.18484156SP
15618.5687.136150234721.345.4520.564538431.41937077SP
26017.8180.770975056722.0545.459.511519217.56963033SP

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USL Discussion

View Posts
nickypicky nickypicky 3 years ago
What tracks oil?
πŸ‘οΈ0
OilStockReport OilStockReport 13 years ago
ETF's are on of my favorite ways to gain exposure to the oil sector. The investment objective of USL is to have the changes in percentage terms of the units' net asset value reflect the changes in percentage terms of the price of light, sweet crude oil, as measured by the changes in the average of the prices of 12 futures contracts on crude oil traded on the New York Mercantile Exchange.
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OilStockReport OilStockReport 13 years ago
West Texas Intermediate

Also known as Texas light sweet crude oil, West Texas Intermediate (WTI) is a type of crude oil used as a benchmark in oil pricing and serves as the underlying commodity on NYMEX oil futures contracts. WTI is primarily refined in the Midwest and Gulf Coast regions of the U.S., and maintains its price settlement point in Cushing, Oklahoma [see Oil ETF Gets Boost From IEA Report].

WTI is lighter and sweeter then Brent crude, and generally is $1 more expensive than Brent (and $2 more expensive than the OPEC Reference Basket, a weighted average of oil blends from OPEC countries).

ETFs offering exposure to WTI include:

United States 12 Month Oil (USL): This ETF also invests in WTI futures, but spreads exposure across various maturities instead of investing exclusively in front month contracts. That potentially reduces the impact of contango, but also makes the fund less sensitive to changes in the spot price [also see What Oil ETF Cash Flows Tell Us About Crude Prices].

http://etfdb.com/2010/oil-etf-investing-five-ways-to-play/
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zsvq1p zsvq1p 14 years ago
OPEC's August Output Quota Compliance 53%, Unchanged From July, IEA Says
By Nidaa Bakhsh - Sep 10, 2010 4:30 AM ET
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint OPEC’s compliance with record supply cuts was unchanged in August as increased output from Angola and Iran offset lower production from Nigeria and the United Arab Emirates, the International Energy Agency said.

The 11 members bound by quotas kept output at 26.8 million barrels a day last month, implying compliance of 53 percent, the Paris-based IEA said today in its monthly report. Supplies from all 12 nations, including Iraq, fell 0.2 percent to average 29.15 million barrels daily.

The Organization of Petroleum Exporting Countries, responsible for about 40 percent of world crude oil supply, announced a record limit on production in December 2008 as global demand collapsed. The group’s adherence to the cut of 4.2 million barrels a day, capping output at 24.845 million, slipped as prices rebounded 78 percent last year.

The compliance percentages are calculated based on the 11 nations targeting a 4.2 million barrel-a-day reduction from a base production rate of 29.045 million barrels a day in September 2008.

Angolan supplies rose by 50,000 barrels a day to 1.79 million barrels after Total SA resumed operations from its Girassol field, according to the IEA. Angola and Nigeria were the least compliant with their individual quotas, failing to implement any of the agreed supply cuts.

Sabotage

Nigerian output declined by 20,000 barrels a day to 2.14 million last month β€œdue to sabotage,” the agency said. Royal Dutch Shell Plc declared force majeure on Bonny Light oil exports in August and September because of theft, the company said on Aug. 18.

Saudi Arabia, OPEC’s largest producer and the member conforming best with output cuts, kept production at 8.28 million barrels a day, unchanged from July, the IEA said.

OPEC’s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the quota system. Force majeure is a legal clause that allows producers to miss export obligations because of circumstances beyond their control.
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zsvq1p zsvq1p 14 years ago
still unclear the direction
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zsvq1p zsvq1p 14 years ago
Let's compare again...

http://stockcharts.com/charts/performance/perf.html?uso, usl
πŸ‘οΈ0
zsvq1p zsvq1p 14 years ago
NO... USO is better.. lol

back and forth...
πŸ‘οΈ0
zsvq1p zsvq1p 14 years ago
Just me.. better then USO
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zsvq1p zsvq1p 14 years ago
no etf seem to follow spot oil
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zsvq1p zsvq1p 14 years ago
I think this one going down....
πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
Still here
πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
Hello!
πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
12 Futures don't follow WTIC spot price!
πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
In the moment

πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
Added some performance charts to compare to USO, UCO and $wtic
πŸ‘οΈ0
zsvq1p zsvq1p 15 years ago
LOL... yep
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BleeckerStreet BleeckerStreet 15 years ago
The player's took notice............
Kind of like chumming for sharks!
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zsvq1p zsvq1p 15 years ago
No doubt what you said was reason...
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zsvq1p zsvq1p 15 years ago
I would appreciate your opinion on oil prices.. Thanks!

http://investorshub.advfn.com/boards/board_surveymenu.asp?board_id=5547
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BleeckerStreet BleeckerStreet 15 years ago
Article dated Feb 9,2009.........
Volume jumped that day........
This board my pick up some.....
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BleeckerStreet BleeckerStreet 15 years ago
Hey Giff,
Stopped by your board after reading this from
Langlui's Big Board and Options Plays

Don't Buy USO (Buy USL Instead)

http://www.indexuniverse.com/blog/5362-uso-oil-usl.html

Written by Matthew Hougan
Monday, 09 February 2009 07:59

Investors are pouring money into the United States Oil Fund right now. They must be out of their minds.

I have nothing against people wanting to buy oil at $40/barrel. That's a cheap price, and there's reason to believe that spot crude may rise over the next six-to-twelve months. OPEC appears to be sticking by its production cuts, overall supply is down and it feels like the global economy may be leveling off. Oil could easily go to $50/barrel, which would be a 25% jump from here. Where else in today's market are you going to get that kind of return?

But if you want to profit from that rise, USO isn't the way to do it.

This is a big deal. According to the Wall Street Journal, investors poured $3.46 billion in new money into the U.S. Oil Fund (NYSE Arca: USO) in December and January. That makes my hair stand on end, because those investors have gotten crushed. And if things stay the way they are today, they're going to continue to get crushed.

The reason, as I've written about time and time again, is contango. The oil market is in violent contango right now. All else being equal, any strategy that focuses on buying the front-month futures contract and rolling it forward is going to lose money. A lot of money.

This is simple mathematics, and it pains me that people are missing the story.

Here are the current prices for oil contracts with expirations in the next six months. Notice how every contract is more expensive than the one that preceded it. USO follows a simple strategy of buying the current contract and then rolling into the next contract before the current one expires.



March 2009


$40.42

April 2009


$46.22

May 2009


$48.88

June 2009


$50.45

July 2009


$51.28

August 2009


$52.70

Source: NYMEX. Data as of 2/9/08.



Until last Friday, USO owned the March 2009 contract. Specifically, it owned 84,378 March contracts, entitling it to 84.4 million barrels of oil.

But on Friday, it sold all those contracts and bought the April contract instead. But because the April contract cost $6/barrel more than the March contract, it couldn't afford as many contracts. In fact, if you exclude new inflows into the fund, it could only buy 73,444 April contracts.

Whammo presto, the holders of USO lost 13.4% of their exposure to crude oil. They now control less oil. If the spot price stays near $40/barrel, the value of those April contracts will decay back to $40/barrel over the next month and investors will lose their shirts. If the price of oil jumps 15% in the next month—before USO rolls again into the May contract—investors will only break even.

This contango effect killed oil investors in January, according to Standard and Poor's, which runs the most important commodity index in the world.

"The steep contango in the WTI crude oil futures market (when further-out futures trade at a premium) was the primary factor causing the S&P GSCI Crude Oil Index to decline 18.90% in January. The spot price of crude oil dropped 6.55% on the month, but rolling from the February to the March future contacts accounted for most of the remaining 12.35% of the decline in the component index."

Got it? Contango cost you 12% in January. And it's worse now.

What's so horrible about watching people plow their money into an investment that they don't understand is that there are so many nice, viable alternatives out there.

The same company that offers USO offers a great little fund called the U.S. 12-Month Oil Fund (NYSE Arca: USL). Rather than simply holding the near-month futures contract, USL holds equal positions in each of the next 12 months' worth of futures contracts. Spreading out its bets like that helps minimize contango, which tends to be worse in the near-month contract, and gives you more direct exposure to the spot price of crude.

Not surprisingly, over the past three months, USL has outperformed USO by 13%
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zsvq1p zsvq1p 15 years ago
Big volumes coming in now...
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zsvq1p zsvq1p 15 years ago
continues to outperform
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zsvq1p zsvq1p 15 years ago
Still here
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zsvq1p zsvq1p 16 years ago
I wonder if that places it closer to the futures prices? Less gap like USO?

I'd love to get raw data...

I'm to cheap to pay for it...
http://sites3.barchart.com/pl/vsn/default.asp?code=XVSN§ion=energies
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frenchee frenchee 16 years ago
USL currently has a short-term performance edge...

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zsvq1p zsvq1p 16 years ago
USL vs USO

http://finance.yahoo.com/q/bc?s=USL&t=6m&l=on&z=m&q=l&c=uso
πŸ‘οΈ0
frenchee frenchee 16 years ago
Currently very thinly traded...

πŸ‘οΈ0

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