United States Natural Gas Fund, LP

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

UNG$10.08+7.8%Stored close · as of Nov 9, 2026

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Contents


Part I		Page

Item 1. Business.		1

Item 1A. Risk Factors.		36

Item 1B. Unresolved Staff Comments.		53

Item 1C. Cybersecurity.		53

Item 2. Properties.		53

Item 3. Legal Proceedings.		53

Item 4. Mine Safety Disclosures.		56

Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		56

Item 6. [Reserved].		57

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		57

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.		75

Item 8. Financial Statements and Supplementary Data.		77

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.		98

Item 9A. Controls and Procedures.		98

Item 9B. Other Information.		98

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.		98

Part III

Item 10. Directors, Executive Officers and Corporate Governance.		99

Item 11. Executive Compensation.		104

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.		104

Item 13. Certain Relationships and Related Transactions, and Director Independence.		104

Item 14. Principal Accountant Fees and Services.		105

Part IV

Item 15. Exhibits and Financial Statement Schedules.		106


Exhibit Index.		106

Signatures.		108

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.

About this filing

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