FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Valuation of Securities Using Fair Value Hierarchy
The following table summarizes the valuation of BNO’s securities at December 31, 2016 using the fair value hierarchy:
 
At December 31, 2016
 
Total
 
 
Level I
 
 
Level II
 
 
Level III
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
$
96,899,767
 
 
$
96,899,767
 
 
$
—
 
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Contracts
 
 
2,332,880
 
 
 
2,332,880
 
 
 
—
 
 
 
—
 
 
During the year ended December 31, 2016, there were no transfers between Level I and Level II.
 
The following table summarizes the valuation of BNO’s securities at December 31, 2015 using the fair value hierarchy:
 
At December 31, 2015
 
Total
 
 
Level I
 
 
Level II
 
 
Level III
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
$
64,945,289
 
 
$
64,945,289
 
 
$
—
 
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Contracts
 
 
(7,442,340)
 
 
 
(7,442,340)
 
 
 
—
 
 
 
—
 
Fair Value of Derivative Instruments
Fair Value of Derivative Instruments
 
Derivatives not Accounted for
 
Statements of
 
Fair Value At
 
 
Fair Value At
 
as Hedging Instruments
 
Financial Condition Location
 
December 31, 2016
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
Futures - Commodity Contracts
 
Assets
 
$
2,332,880
 
 
$
(7,442,340)
 
Effect of Derivative Instruments on Condensed Statements of Operations
The Effect of Derivative Instruments on the Statements of Operations
 
 
 
 
 
For the year ended
 
 
For the year ended
 
 
For the year ended
 
 
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
December 31, 2014
 
 
 
 
 
Realized
 
 
Change in
 
 
Realized
 
 
Change in
 
 
Realized
 
 
Change in
 
 
 
Location of
 
Gain
 
 
Unrealized
 
 
Gain
 
 
Unrealized
 
 
Gain
 
 
Unrealized
 
Derivatives not
 
Gain (Loss)
 
(Loss)
 
 
Gain (Loss)
 
 
(Loss)
 
 
Gain (Loss)
 
 
(Loss)
 
 
Gain (Loss)
 
Accounted
 
on Derivatives
 
on Derivatives
 
 
on Derivatives
 
 
on Derivatives
 
 
on Derivatives
 
 
on Derivatives
 
 
on Derivatives
 
for as Hedging
 
Recognized
 
Recognized
 
 
Recognized
 
 
Recognized
 
 
Recognized
 
 
Recognized
 
 
Recognized
 
Instruments
 
in Income
 
in Income
 
 
in Income
 
 
in Income
 
 
in Income
 
 
in Income
 
 
in Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures -Commodity Contracts
 
Realized gain (loss) on closed positions
 
$
27,857,540
 
 
 
 
 
 
$
(41,811,240)
 
 
 
 
 
 
$
(19,750,710)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on open positions
 
 
 
 
 
$
9,775,220
 
 
 
 
 
 
$
(1,095,250)
 
 
 
 
 
 
$
(6,375,760)