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UNITED STATES

SECURITIES AND EXCHANGE COMMISION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): October 28, 2025

 

UNITED STATES NATURAL GAS FUND, LP 

(Exact name of registrant as specified in its charter)

 

Delaware001-3309620-5576760
(State or other jurisdiction
of incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)

 

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California94596

(510) 522-9600(Address of principal executive offices) (Zip Code) 
Registrant’s telephone number,  
including area code  

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered:
Shares of United States Natural Gas Fund, LP UNG NYSE Arca, Inc.

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

On October 28, 2025, United States Natural Gas Fund, LP (the “Registrant”) issued its monthly account statement for the month ended September 30, 2025, which is presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the monthly account statement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant’s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 99.1

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 UNITED STATES NATURAL GAS FUND, LP
  
 By:United States Commodity Funds LLC, its general partner
   
Date:October 28, 2025By:/s/ Stuart P. Crumbaugh
 Name:Stuart P. Crumbaugh
 Title:Chief Financial Officer

 

 

 

Exhibit 99.1

 

United States Natural Gas Fund, LP

Monthly Account Statement

For the Month Ended September 30, 2025

 

Statement of Income (Loss)   
Income    
Realized Trading Gain (Loss) on Commodity Futures $15,167,910 
Realized Gain (Loss) on Swap Contracts  1,882,040 
Unrealized Gain (Loss) on Market Value of Commodity Futures  (4,842,817)
Unrealized gain (loss) on Fair Value of Swap Contracts  56 
Dividend Income  1,043,662 
Interest Income  812,908 
ETF Transaction Fees  20,000 
Total Income (Loss) $14,083,759 
     
Expenses    
General Partner Management Fees $290,712 
Professional Fees  95,440 
Brokerage Commissions  108,360 
Directors' Fees and insurance  7,975 
License fees  7,268 
Total Expenses $509,755 
Net Income (Loss) $13,574,004 

 

Statement of Changes in Net Asset Value   
Net Asset Value Beginning of Month 9/1/25 $599,474,007 
Additions (6,400,000 Shares)  80,265,427 
Withdrawals ((5,300,000) Shares)  (68,834,324)
Net Income (Loss)  13,574,004 
     
Net Asset Value End of Month $624,479,114 
Net Asset Value Per Share (48,146,103 Shares) $12.97 

 

To the Limited Partners of United States Natural Gas Fund, LP:

 

Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended September 30, 2025 is accurate and complete.

 

/s/ Stuart P. Crumbaugh 

Stuart P. Crumbaugh

Chief Financial Officer

United States Commodity Funds LLC, General Partner of United States Natural Gas Fund, LP

 

United States Commodity Funds LLC

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, CA 94596

 

 

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