United States 12 Month Natural Gas Fund LP (UNL) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
United States 12 Month Natural Gas Fund LP (UNL) trades at $5.83 with AI Score 39/100 (Grade D). United States 12 Month Natural Gas Fund LP (UNL) is designed to track the performance of… Market cap: $7.65M, Sector: Financial services.
Price as of Aug 21, 2026 · Last analyzed: Mar 18, 2026Analyst Coverage for UNL: UNL does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates UNL against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
UNL: this read rests on a single discipline (MoonshotScore) — the other council disciplines have no scored data yet.
How is this calculated? →Why this analysis is different
- A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
United States 12 Month Natural Gas Fund LP (UNL) Financial Services Profile
United States 12 Month Natural Gas Fund LP (UNL) offers exposure to natural gas futures, tracking near-month and subsequent eleven-month NYMEX contracts. As an asset management product, UNL caters to investors seeking to capitalize on natural gas price fluctuations, but is subject to commodity market volatility and contango effects.
What Is the Investment Thesis for UNL?
UNL provides a vehicle for investors seeking exposure to the natural gas market without directly investing in the commodity. Its performance is closely tied to the price movements of natural gas futures contracts on the NYMEX. A key consideration is the fund's vulnerability to contango, which can erode returns as the fund rolls over expiring contracts into more expensive, longer-dated ones. Given the fund's beta of 1.73, it exhibits higher volatility compared to the broader market. Investors should monitor natural gas supply and demand dynamics, geopolitical events, and weather patterns, as these factors significantly impact futures prices. The fund's market cap of $7.65M indicates it is a smaller, more volatile investment option.
Based on FMP financials and quantitative analysis
UNL Key Highlights
UNL's investment strategy focuses on natural gas futures contracts traded on the NYMEX.
- The fund tracks the near month contract to expire and the following 11 months' contracts.
- UNL is susceptible to contango, which can negatively impact returns.
- The fund's beta of 1.73 indicates higher volatility compared to the overall market.
- UNL does not pay a dividend.
Who Are UNL's Competitors?
UNL is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BFIX Build Bond Innovation ETF | $25.00 | +0.04% | $12.0M | 47 |
| IBAT iShares Energy Storage & Materials ETF | $39.93 | -1.03% | $12.8M | 47 |
| LTTI FT Vest 20+ Year Treasury & Target Income ETF | $17.54 | -0.43% | $14.9M | 44 |
| NIKL Sprott Nickel Miners ETF | $14.58 | +0.76% | $11.5M | 46 |
| IDKFF ThreeD Capital Inc. | $0.07 | +13.85% | $6.98M | 70 |
| ALTEX Firsthand Alternative Energy Fund | $12.93 | -1.90% | $8.98M | 82 |
| BCG Binah Capital Group, Inc. | $1.40 | +0.72% | $23.5M | 78 |
| ALISR Calisa Acquisition Corp Right | $0.64 | +0.00% | 79 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are UNL's Key Strengths?
Provides direct exposure to natural gas futures prices.
- Offers a liquid and accessible way to invest in natural gas.
- Transparent investment strategy based on NYMEX futures contracts.
- Can be used for hedging or speculative purposes.
What Are UNL's Weaknesses?
Vulnerable to contango, which can erode returns.
- High volatility due to the nature of natural gas futures.
- Performance may not perfectly track spot natural gas prices.
- Subject to regulatory changes affecting commodity futures trading.
What Could Drive UNL Stock Higher?
Winter heating season could drive increased natural gas demand and prices.
- Geopolitical tensions in gas-producing regions could disrupt supply.
- Infrastructure development, such as new pipelines and LNG terminals, could increase demand.
What Are the Key Risks for UNL?
Weak fundamentals — a Piotroski F-Score of 2/9 flags soft profitability, leverage or efficiency.
- Contango in the natural gas futures market could erode returns.
- Unexpected weather events could impact natural gas supply and demand.
- Regulatory changes affecting commodity futures trading could increase costs.
- Competition from other commodity ETFs and ETNs could limit market share.
What Are the Growth Opportunities for UNL?
- Increased Investor Interest in Commodities: Growing awareness of the importance of commodities in diversified portfolios could drive demand for UNL. As investors seek inflation hedges and exposure to real assets, commodity-linked products like UNL may attract greater interest. The market size for commodity ETFs is projected to reach $500 billion by 2028, offering significant potential for UNL to expand its asset base. Timeline: Ongoing.
- Volatility in Natural Gas Prices: Fluctuations in natural gas prices, driven by factors such as weather events, geopolitical tensions, and supply disruptions, can create trading opportunities for UNL. Increased volatility may attract short-term traders and investors seeking to capitalize on price swings. The natural gas market experiences seasonal volatility, with peak demand during winter and summer months. Timeline: Ongoing.
- Expansion of Natural Gas Infrastructure: Investments in natural gas pipelines, LNG export terminals, and storage facilities could support higher natural gas prices and increased demand for UNL. As infrastructure expands, the accessibility and utilization of natural gas as an energy source will likely increase. The build-out of LNG export capacity is expected to continue through 2030, creating a positive long-term outlook for natural gas. Timeline: Upcoming.
- Geopolitical Factors Influencing Natural Gas Supply: Geopolitical events, such as conflicts in gas-producing regions or sanctions against major exporters, can disrupt natural gas supply and drive up prices. These events can create opportunities for UNL to benefit from increased volatility and price appreciation. Monitoring geopolitical developments is crucial for assessing the potential impact on natural gas markets. Timeline: Ongoing.
- Renewable Energy Transition and Natural Gas as a Bridge Fuel: As the world transitions towards renewable energy sources, natural gas is expected to play a role as a bridge fuel, providing a cleaner alternative to coal and oil. This transition could support sustained demand for natural gas and create opportunities for UNL to benefit from increased investment in the sector. The demand for natural gas as a bridge fuel is projected to increase through 2040. Timeline: Ongoing.
What Threats Does UNL Face?
- Competition from other commodity ETFs and ETNs.
- Changes in government regulations impacting natural gas production or trading.
- Unexpected weather events or geopolitical disruptions.
- Shifting investor sentiment towards alternative energy sources.
What Are UNL's Competitive Advantages?
- First-mover advantage in offering a specific natural gas futures tracking product.
- Established trading history and liquidity on the NYSE Arca.
- Brand recognition among investors seeking natural gas exposure.
What Does UNL Do?
United States 12 Month Natural Gas Fund LP (UNL) is a commodity pool that seeks to provide investment results that correspond generally to the daily changes in percentage terms of the price of natural gas futures contracts. The fund focuses on futures contracts traded on the New York Mercantile Exchange (NYMEX). Specifically, UNL invests in the near month contract to expire and the contracts for the following eleven months, totaling twelve consecutive months' contracts. This strategy aims to capture the short-term price movements in the natural gas market. UNL does not invest directly in physical natural gas. Instead, it uses a futures-based approach to track the commodity's performance. The fund is designed for sophisticated investors who understand the risks associated with commodity futures trading, including the potential for significant losses and the impact of contango, where futures prices are higher than the expected spot price.
What Products and Services Does UNL Offer?
- Tracks the performance of natural gas futures contracts.
- Invests in near-month and subsequent eleven-month NYMEX natural gas futures.
- Provides investors with exposure to natural gas price movements.
- Offers a way to invest in natural gas without directly owning the commodity.
- Trades on the NYSE Arca exchange.
- Designed for sophisticated investors with an understanding of commodity futures.
How Does UNL Make Money?
- Generates returns based on the price movements of natural gas futures contracts.
- Manages a portfolio of futures contracts to track the benchmark index.
- Earns fees from investors for managing the fund.
What Industry Does UNL Operate In?
UNL operates within the asset management industry, specifically focusing on commodity-linked investment products. The broader asset management industry is experiencing growth driven by increasing investor interest in alternative assets and commodity exposure. However, funds like UNL face competition from other commodity ETFs and ETNs, as well as direct investments in futures contracts. The natural gas market is influenced by factors such as weather patterns, production levels, and geopolitical events, creating volatility and opportunities for specialized funds like UNL.
Who Are UNL's Key Customers?
- Retail investors seeking exposure to natural gas.
- Institutional investors looking for commodity diversification.
- Traders who speculate on natural gas price movements.
UNL Valuation & Market Position
Relative to its peer group, UNL's quantitative score of 39/100 is below the peer average of 51/100.
Financial Health
United States 12 Month Natural Gas Fund LP's Piotroski F-Score is 2/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny.
UNL Financials
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the fund's long-term potential, indicating a positive outlook from those closest to the company.
- Community sentiment has shifted positively, with discussions highlighting the potential for a rebound in natural gas prices due to supply constraints.
- Market perception is increasingly recognizing the fund as a hedge against inflation, driving interest from institutional investors.
- Developments in renewable energy policies may boost natural gas as a transitional fuel, enhancing its appeal in the current energy landscape.
Bear Case
- Concerns over fluctuating natural gas prices persist, with some analysts predicting volatility that could impact fund performance.
- Social sentiment reflects apprehension about the fund's reliance on external energy markets, raising questions about sustainability.
- Recent bearish community discussions emphasize the risk of overproduction in the natural gas sector, potentially leading to price declines.
- Increased competition from alternative energy sources may undermine the fund's growth, as investors look for greener options.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · April 2026
UNL Latest News
No recent news available for UNL.
UNL Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for UNL.
Price Targets
Wall Street price target analysis for UNL.
UNL MoonshotScore
What does this score mean?
The MoonshotScore rates UNL 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
What Investors Ask About United States 12 Month Natural Gas Fund LP (UNL) — Financial Services
What does the AI Score mean for UNL?
UNL holds an AI Score of 39/100 (Grade: D). This is an educational research signal, not a buy or sell recommendation. United States 12 Month Natural Gas Fund LP (UNL) is designed to track the performance of natural gas futures contracts. The fund focuses on near-month and subsequent eleven-month contracts traded …
What does United States 12 Month Natural Gas Fund LP do?
United States 12 Month Natural Gas Fund LP (UNL) is designed to track the daily percentage changes in the price of natural gas futures contracts traded on the NYMEX. It invests in a portfolio of near-month and subsequent eleven-month contracts, providing investors with a way to gain exposure to natural gas price movements without directly owning the commodity.
What do analysts say about UNL stock?
As of March 18, 2026, there is no available AI analyst consensus on UNL. Given its structure as a commodity pool tracking natural gas futures, its performance is highly dependent on the price of natural gas. Investors should closely monitor factors influencing natural gas prices, such as weather patterns, production levels, and geopolitical events.
What are the main risks for UNL?
The primary risks associated with UNL include contango, volatility, and regulatory changes. Contango occurs when futures prices are higher than the expected spot price, which can erode returns as the fund rolls over expiring contracts into more expensive, longer-dated ones. Natural gas prices are inherently volatile, influenced by factors such as weather patterns, production levels, and geopolitical events.
How sensitive is UNL to changes in natural gas production levels?
UNL's performance is highly sensitive to changes in natural gas production levels. Increased production can lead to lower prices, negatively impacting the fund's returns, while decreased production can drive prices higher, benefiting the fund. Factors influencing production levels include drilling activity, technological advancements in extraction, and government regulations.
How does UNL compare to other natural gas ETFs in terms of expense ratio and tracking error?
Without specific data on expense ratios and tracking error for comparable natural gas ETFs as of March 18, 2026, it's challenging to provide a detailed comparison. However, investors should typically evaluate ETFs based on their expense ratios, which represent the annual cost of owning the fund, and tracking error, which measures how closely the fund's performance matches its benchmark index.
What are the key factors to evaluate for UNL?
United States 12 Month Natural Gas Fund LP (UNL) holds an AI score of 39/100 (low). UNL provides a vehicle for investors seeking exposure to the natural gas market without directly investing in the commodity. Not financial advice.
How frequently does UNL data refresh on this page?
UNL's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven UNL's recent stock price performance?
United States 12 Month Natural Gas Fund LP (UNL) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Provides direct exposure to natural gas futures prices. See the News tab for the latest drivers. Past performance does not predict future results.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis is pending, limiting the depth of insights.
- Financial data is based on available information and may be subject to change.