Exhibit 99.1
United States Natural Gas Fund, LP
Monthly Account Statement
For the Month Ended May 31, 2025
| Statement of Income (Loss) | ||||
| Income | ||||
| Realized Trading Gain (Loss) on Commodity Futures | $ | 3,013,369 | ||
| Realized Gain (Loss) on Swap Contracts | (9,957,712 | ) | ||
| Unrealized Gain (Loss) on Market Value of Commodity Futures | (11,018,858 | ) | ||
| Unrealized gain (loss) on Fair Value of Swap Contracts | 77 | |||
| Dividend Income | 702,036 | |||
| Interest Income | 425,928 | |||
| ETF Transaction Fees | 27,000 | |||
| Total Income (Loss) | $ | (16,808,160 | ) | |
| Expenses | ||||
| General Partner Management Fees | $ | 186,829 | ||
| Professional Fees | 112,891 | |||
| Brokerage Commissions | 58,109 | |||
| Directors' Fees and insurance | 5,152 | |||
| License fees | 4,671 | |||
| SEC & FINRA Registration Expense | 14,655 | |||
| Total Expenses | $ | 382,307 | ||
| Net Income (Loss) | $ | (17,190,467 | ) | |
| Statement of Changes in Net Asset Value | ||||
| Net Asset Value Beginning of Month 5/1/25 | $ | 428,703,283 | ||
| Additions (7,200,000 Shares) | 124,606,827 | |||
| Withdrawals ((10,800,000) Shares) | (189,340,142 | ) | ||
| Net Income (Loss) | (17,190,467 | ) | ||
| Net Asset Value End of Month | $ | 346,779,501 | ||
| Net Asset Value Per Share (22,146,103 Shares) | $ | 15.66 | ||
To the Limited Partners of United States Natural Gas Fund, LP:
Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended May 31, 2025 is accurate and complete.
| /s/ Stuart P. Crumbaugh | |
| Stuart P. Crumbaugh | |
| Chief Financial Officer | |
| United States Commodity Funds LLC, General Partner of United States Natural Gas Fund, LP | |
| United States Commodity Funds LLC | |
| 1850 Mt. Diablo Boulevard, Suite 640 | |
| Walnut Creek, CA 94596 | |