United States Natural Gas Fund Reports September NAV of $469.9 Million

What happened

United States Natural Gas Fund reported September 2026 net assets of $469.9 million, down from $571.0 million at the start of the month. The fund had a $518,685 net loss, withdrawals of $157.4 million, additions of $56.8 million, and net asset value per share of $10.41.

Confirmed

Global impact / market context

The drop in net assets came mostly from investors pulling money out, not just from the small net loss. Withdrawals of $157.4 million far exceeded additions of $56.8 million, which means the fund had to shrink its holdings, reducing its ability to earn returns for remaining shareholders.

Analyst inference

Net asset value per share of $10.41 reflects the fund's holdings after withdrawals and the monthly loss. Because the fund tracks natural gas futures, its value depends on gas prices and the cost of rolling contracts, which can differ from spot prices and add expenses.

Analyst inference

What to watch

1. The fund ended September with 45.1 million shares outstanding and net asset value per share of $10.41, figures that set the baseline for comparing October changes in shares and per-share value. Confirmed
2. Watch whether withdrawals continue at September's pace of $157.4 million, because sustained outflows would further shrink the fund's net assets and could raise per-share costs for remaining investors. Proposed
3. Because the fund's value depends on natural gas futures, changes in gas prices and the cost of rolling contracts, which means replacing expiring contracts with new ones, could affect net asset value per share. Analyst inference

Evidence

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