NYSE:UGA
United States Gasoline Fund, LP
A commodity-focused fund providing exposure to gasoline trading and distribution dynamics within the North American energy sector.
Key Metrics
Investment Thesis
Bull Case
UGA offers investors a direct hedge against gasoline price inflation without holding physical inventory risks; Potential for mean reversion in spreads could generate substantial upside if commodity markets recover; The fund's liquid structure allows for quick capital deployment when opportunities arise.
Bear Case
Consecutive years of negative revenue and shrinking cash balances signal deteriorating operational efficiency or market relevance; Heavy reliance on external commodity prices exposes the stock to unpredictable earnings swings; Limited diversification compared to integrated energy majors increases portfolio correlation risk.
About United States Gasoline Fund, LP
United States Gasoline Fund (UGA) is a commodity-based fund focused on gasoline production, trading, and distribution across the North American market. The entity leverages physical assets to capture value from refining spreads and wholesale fuel pricing cycles. Recent financials reflect volatility typical of energy commodities, with revenue turning negative in 2025 due to operational adjustments or market conditions.
Analysis
Management Discussion
The fund experienced a significant contraction in 2025, reporting negative revenue of -$3.1M and a net loss of -$3.9M compared to positive earnings in prior years. Cash reserves decreased by $21.3M over the period, driven by operational outflows and financing activities, while total assets remained stable at $77.5M. The sharp decline from 2024's $6.7M revenue highlights the sensitivity of this asset class to market cycles.
Industry Overview
The gasoline fund industry operates within a highly cyclical sector dominated by refining margins, geopolitical supply shocks, and seasonal demand patterns. Companies in this space must constantly manage inventory levels to capitalize on price differentials between crude inputs and refined outputs. Regulatory pressures from carbon pricing and renewable fuel mandates are reshaping long-term profitability models.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $28.4M | $1.4M | $6.7M | $-3.1M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $28.4M | $1.4M | $6.7M | $-3.1M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Continuing Ops | $27.4M | $539.1K | $5.6M | $-3.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $27.4M | $539.1K | $5.6M | $-3.9M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $27.4M | $539.1K | $5.6M | $-3.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $30.6M | $45.8M | $75.9M | $67.1M |
| Total Assets | $87.0M | $85.2M | $101.0M | $77.5M |
| Total Liabilities | $409.5K | $268.1K | $269.0K | $246.5K |
| Shareholders' Equity | $86.6M | $84.9M | $100.7M | $77.2M |
| Total L&E | $87.0M | $85.2M | $101.0M | $77.5M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $27.4M | $539.1K | $5.6M | $-3.9M |
| Non-Cash Adjustments | $-8.3M | $12.9M | $-4.5M | $2.3M |
| Working Capital Changes | $242.8K | $115.5K | $15.9K | $-159.2K |
| Cash from Operations | $19.3M | $13.6M | $1.2M | $-1.8M |
| Cash from Investing | $0 | $0 | $0 | $0 |
| Cash from Financing | $-21.0M | $-2.3M | $10.2M | $-19.6M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-1.7M | $11.3M | $11.4M | $-21.3M |
| Beginning Cash | $76.8M | $75.2M | $86.5M | $97.8M |
| Ending Cash | $75.2M | $86.5M | $97.8M | $76.5M |
Frequently Asked Questions
How does United States Gasoline Fund, LP make money?
Refining and wholesale fuel sales; Trading and arbitrage operations; Asset management and fee-based services related to fund liquidity.
What are the main risks for UGA?
High volatility in crude oil prices and gasoline spreads impacting profitability; Regulatory changes affecting environmental compliance or fuel standards; Operational risks including inventory obsolescence or transportation disruptions.
What is UGA's competitive advantage?
Direct access to major refining infrastructure and storage capacity in key logistics hubs; Established relationships with upstream producers and downstream retailers; Agile trading capabilities allowing rapid response to spread fluctuations.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.