FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of UNL's securities using the fair value hierarchy

At March 31, 2026	Total		Level I		Level II		Level III
Short-Term Investments	$	12,000,000	$	12,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,632,825)		(1,632,825)		—		—

At December 31, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	8,000,000	$	8,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(2,070,955)		(2,070,955)		—		—

Schedule of fair value of derivative instruments

	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	March 31, 2026		December 31, 2025
Futures - Commodity Contracts	Unrealized gain(loss) on open commodity futures contracts	$	(1,632,825)	$	(2,070,955)

Schedule of effect of derivative instruments on the statements of operations

		For the three months ended				For the three months ended
		March 31, 2026				March 31, 2025
				Change in Unrealized				Change in Unrealized
Derivatives not	Location of Gain	Realized Gain (Loss)		Gain (Loss) on		Realized Gain (Loss)		Gain (Loss) on
Accounted for as	(Loss) on Derivatives	on Derivatives		Derivatives		in Derivatives		Derivatives
Hedging Instruments	Recognized in Income	Recognized in Income		Recognized in Income		Recognized in Income		Recognized in Income
Futures - Commodity Contracts	Realized gain (loss) on closed commodity futures contracts	$	(1,181,469)			$	1,827,746
	Change in unrealized gain (loss) on open commodity futures contracts			$	438,130			$	2,228,894