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 USL’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
 
$
106,896,715
 
$
106,896,715
 
$
-
 
$
-
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
17,277,775
 
 
17,277,775
 
 
-
 
 
-
 
 
During the year ended December 31, 2016, there were no transfers between Level I and Level II.
 
The following table summarizes the valuation of USL’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
 
$
52,963,042
 
$
52,963,042
 
$
-
 
$
-
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
(19,971,629)
 
 
(19,971,629)
 
 
-
 
 
-
 
Fair Value of Derivative Instruments
Fair Value of Derivative Instruments
 
Derivatives not Accounted
 
Statements of Financial
 
Fair Value at
 
Fair Value at
 
for as Hedging Instruments
 
Condition Location
 
December 31, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
Futures - Commodity Contracts
 
Assets
 
$
17,277,775
 
$
(19,971,629)
 
Effect of Derivative Instruments on the 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
 
 
 
 
 
 
 
Change in
 
 
 
Change in
 
 
 
Change in
 
 
 
Location of
 
Realized
 
Unrealized
 
Realized
 
Unrealized
 
Realized
 
Unrealized
 
 
 
Gain (Loss)
 
Gain
 
Gain
 
Gain
 
Gain
 
Gain
 
Gain
 
Derivatives not
 
on
 
(Loss) on
 
(Loss) on
 
(Loss) on
 
(Loss) on
 
(Loss) on
 
(Loss) on
 
Accounted for as
 
Derivatives
 
Derivatives
 
Derivatives
 
Derivatives
 
Derivatives
 
Derivatives
 
Derivatives
 
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
 
$
(7,435,894)
 
 
 
 
$
(24,569,061)
 
 
 
 
$
402,190
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in
unrealized gain (loss) on
open positions
 
 
 
 
$
37,249,404
 
 
 
 
$
(2,875,569)
 
 
 
 
$
(18,738,510)