United States Oil Fund, LP Q2 2026: Net income $618.3M (six months), EPS $(20.89) — 10-Q Summary
United States Oil Fund, LP (USO) filed a 10-Q for the quarter ended June 30, 2026. For the six months, it reported net income of $618.3M versus a $32.66M net loss a year earlier. Q2 2026 showed a net loss of $365.4M and diluted EPS (limited partner) of $(20.89). The fund held 22,431 NYMEX WTI contracts and tracks a benchmark oil futures contract.
How this was made
The 30-second read
Why it matters
Traders can use the filing to reassess near-term risk in oil-futures exposure, especially around how the fund’s trading scale and margin/liquidity management may affect performance during oil volatility.
Market read
A primary SEC filing with new quarterly and six-month financial outcomes and operational details for USO’s oil futures exposure.
What to watch
The article notes higher brokerage commissions from increased contract trading and large WTI contract holdings, which could matter for short-term expense drag and liquidity/margin dynamics even if tracking remains tight.
Background
The United States Oil Fund, LP (USO) is an oil futures-based ETF-like vehicle that reports quarterly results on Form 10-Q, including NAV tracking and derivatives trading mechanics.
Ticker impact
USO’s 10-Q shows Q2 2026 net loss of $365.4M and diluted loss per limited partner share of $(20.89), plus portfolio and trading details.
Likely negative-to-neutral for USO as losses and large quarterly drawdown dominate, though the tight benchmark tracking may limit structural concern.
This is a primary SEC filing with new quarterly and six-month results, but it is not a guidance change or a structural event like a restructure or distribution change.
Market effects
Adds incremental evidence on how oil futures funds manage margin, liquidity, and tracking versus the benchmark during volatile periods.
No clear regional transmission beyond US-listed commodity fund flows.
Limited, as the disclosure is specific to a US oil futures vehicle rather than global oil supply/demand.
Counterpoint
The fund highlights extremely tight benchmark tracking (0.011% Q2 NAV vs benchmark), suggesting the losses may reflect oil-futures price moves rather than fund-specific deterioration.
Key entities
- fundUnited States Oil Fund, LP
Oil futures fund filing reports Q2 2026 net loss, six-month net income swing, and portfolio/trading and tracking discipline details.
