# United States 12 Month Oil Fund, LP (USL)

> Source: Nexqual · https://nexqual.com/USL · data as of 2026-10-23 19:59 UTC · cite as "Nexqual, United States 12 Month Oil Fund, LP (USL), nexqual.com/USL" · informational, not investment advice.

**Price:** USD 64.08 (+2.38% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 62.59 · day 63.6–64.12 · 52w 32.25–64.12 · market cap null · PCX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.3M, net income $12.9M (96.5% margin) (SEC filings).
- Total return with dividends: 1Y +83.6% vs S&P 500 +13.4%; 5Y +121.0% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $94.9M | $39.4M | $551K | $5.7M | -$5.3M | $13.3M |
| Net income | $93.3M | $38.4M | -$57K | $5.1M | -$5.8M | $12.9M |
| Net margin | 98.3% | 97.3% | -10.3% | 89.1% | 108.1% | 96.5% |
| Revenue growth | -13.9% | -58.5% | -98.6% | +929.5% | -194.0% | — |
| Cash + short-term investments | $99.5M | $21.0M | $23.5M | $31.9M | $31.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +83.6% | +121.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +84.0% | +17.2% |
| Volatility (annualized) | 30.4% | 29.5% |
| Max drawdown | -20.9% (May 2026→Jul 2026) | -32.5% (Jun 2022→Mar 2023) |

## Peers
DBO (Invesco DB Oil Fund) USD 26.87 +3.35% · UGA (United States Gasoline Fund LP) USD 144.92 +1.78% · BNO (United States Brent Oil Fund, L) USD 70.99 +3.02% · UNL (United States 12 Month Natural ) USD 5.34 -0.93% · DBE (Invesco DB Energy Fund) USD 41.02 +2.68%

## More
Full page: https://nexqual.com/USL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.6% | ±7.2% |
| 2026-12-18 | 56 | 34.1% | ±10.7% |
| 2027-01-15 | 84 | 33.0% | ±12.6% |
| 2027-04-16 | 175 | 32.9% | ±18.1% |