Derivative Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	June 30, 2021					December 31, 2020
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	—	$	(7,351,216	)	$	28,341,350	$	—

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the June 30, 2021 and December 31, 2020 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2021			2020
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	10,751,584		$	(605,640	)
	Net Change in Unrealized Gain (Loss)		(6,547,240	)		23,056,627
Total		$	4,204,344		$	22,450,987

		For the Six Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2021			2020
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	27,223,337		$	13,026,223
	Net Change in Unrealized Gain (Loss)		(35,692,566	)		5,635,477
Total		$	(8,469,229	)	$	18,661,700

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Average Notional Value	$	119,444,948	$	140,533,735	$	124,338,701	$	141,722,540