<![CDATA[USCF Investments]]>https://uscfinvestments.substack.comhttps://substackcdn.com/image/fetch/$s_!tS16!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb05276fe-b8c2-4f73-b7e7-cfd3bc7aae4b_500x500.pngUSCF Investmentshttps://uscfinvestments.substack.comSubstackMon, 01 Jun 2026 07:42:18 GMT<![CDATA[Understanding Commodity Super Cycles]]>https://uscfinvestments.substack.com/p/understanding-commodity-super-cycleshttps://uscfinvestments.substack.com/p/understanding-commodity-super-cyclesWed, 27 May 2026 14:02:23 GMTCommodity super cycles are prolonged periods—often spanning a decade or more—during which prices of commodities rise substantially above their long-term average. These cycles are typically driven by massive shifts in global demand, such as rapid industrialization in emerging markets, technological advancements, or significant changes in supply. Unlike short-term price spikes caused by temporary disruptions, super cycles reflect fundamental changes in the underlying economic landscape.1

Historically, commodity super cycles have coincided with major global events, like post-war reconstruction, the rise of China in the early 2000s, or breakthroughs in energy technology.2 During these phases, the demand for raw materials such as oil, copper, and agricultural products surges, often outpacing supply and leading to sustained price increases. The effects are far-reaching, influencing inflation, investment strategies, and the economic fortunes of commodity-producing countries.3

Source: SummerHaven Index Management. Past results are not necessarily indicative of future results. Commodity trading involves substantial risk of loss. Commodities history is from exchange-traded commodity futures data collected by SummerHaven Investment Management, as described in “The Commodity Risk Premia: 1871-2018” by Bhardwaj, Janardanan, and Rouwenhorst. https://summerhavenindex.com/materials/

The big question today is: are we in the midst of a commodity super cycle? Several factors suggest that we may be. The ongoing energy transition towards renewables is fueling demand for metals like lithium, cobalt, and copper.4 Supply chain disruptions, geopolitical tensions, and post-pandemic recovery have also contributed to price volatility and upward trends in many commodities.5However, some analysts caution that the current environment may be driven more by short-term factors—such as weather events and policy changes—than by the kind of structural shifts that define a true super cycle.

While it’s too early to definitively declare a new super cycle, the signs point to a period of heightened commodity price activity. Investors, policymakers, and businesses should closely monitor these developments, as the implications for global markets and economies could be significant. Whether this turns out to be a fleeting boom or a lasting transformation remains to be seen, but understanding the mechanics of commodity super cycles is essential for navigating the uncertainty ahead.

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References

1Khusuma, E. (2026). Commodity Supercycle Explained: Meaning, History, and Signals. Gotrade. https://www.heygotrade.com/en/blog/commodity-supercycle-explained/

2(2006). The Anatomy of Three Commodity Booms. Resource Policy 31, pp. 56-64. https://doi.org/10.1016/j.resourpol.2006.06.003

3Benguria, F., Saffie, F. & Urzúa, S. (2018). The Transmission of Commodity Price Super-Cycles. NBER Working Paper No. 24560. https://doi.org/10.3386/w24560

4Komnitsas, K., Lazos, I. & Eerola, T. (2023). Energy Transition Metals: Future Demand and Low-Carbon Processing Technologies. Materials Proceedings 15. https://doi.org/10.3390/materproc2023015056

5Alessandria, G. A., Khan, S. Y., Khederlarian, A., Mix, C. B. & Ruhl, K. J. (2023). The Aggregate Effects of Global and Local Supply Chain Disruptions: 2020–2022. NBER Working Paper No. w30849. https://doi.org/10.3386/w30849

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003125 Exp. 5/31/2029

]]><![CDATA[The Strait of Hormuz: How a Middle Eastern Chokepoint is Constraining Global Copper Production]]>https://uscfinvestments.substack.com/p/the-strait-of-hormuz-how-a-middlehttps://uscfinvestments.substack.com/p/the-strait-of-hormuz-how-a-middleWed, 20 May 2026 18:01:21 GMTThe Strait of Hormuz has long been recognized as a critical artery for oil shipments, but recent events have underscored its importance as a conduit for another essential commodity: sulphuric acid. The Middle East accounts for about 24% of global sulphur production, in 2025 about half of the global supply. Much of this sulphur is exported as a feedstock for sulphuric acid through the Strait of Hormuz. This acid is indispensable in processing critical minerals like copper, making the region’s stability crucial for global supply chains.1 Sulphur prices were already elevated at around $500 per ton and have climbed another 10–15% since the start of the war in Iran.2 China is further contributing to these supply pressures, since it has banned exports of sulphuric acid as result of the trade disruption to increase its domestic supply.3

The supply disruption has further tightened the sulphuric acid market, which was already experiencing shortages even before the war in Iran. Since sulphuric acid is required to extract copper from copper ore, any reduction in supply directly hampers copper production. Copper refineries and mines often hold only limited sulphur inventories, sometimes just one or two months’ worth, leaving them vulnerable to upstream disruptions in supply.4

This bottleneck is not just an economic inconvenience—it’s a strategic vulnerability. The limited flow of sulphuric acid through the Strait of Hormuz means copper producers worldwide are struggling to maintain output, impacting production of goods, from electronics manufacturing to military hardware. As the Middle East controls both a significant share of sulphur production and seaborn trade, any threat to the Strait of Hormuz reverberates across global copper supply chains, highlighting the interconnectedness of modern industry and geopolitics.5

It’s no longer enough to focus on copper mines and refineries; the real vulnerability lies in the often-overlooked reagents, like sulphuric acid, that enable copper extraction. Diversifying sources, increasing stockpiles, and investing in alternative technologies are essential steps to ensure future resilience. The lessons from Hormuz are clear: security of supply for base materials is as vital as the final products themselves.

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References

1(2026). Strait of Hormuz is chokepoint for sulphuric acid and critical metal processing. The Oregon Group. https://theoregongroup.com/commodities/nickel/strait-of-hormuz-is-also-the-chokepoint-for-sulphuric-acid-and-critical-metal-processing/

2(March 17, 2026) China quietly turns off sulphuric acid supply amid disruption from Iran war. ABC News. https://www.abc.net.au/news/rural/2026-05-17/china-turns-off-sulphuric-acid-supply/106682704

3Lima, M. S. (May 6, 2026). Global sulfur prices surge on Middle East disruptions, China export ban. S&P Global. https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/050726-global-sulfur-prices-surge-on-middle-east-disruptions-china-export-ban

4(March 9, 2026). A corrosive conflict? Impact of the Middle East conflict on sulphur and metals costs. Wood Mackenzie. https://www.woodmac.com/reports/metals-a-corrosive-conflict-impact-of-the-middle-east-conflict-on-sulphur-and-metals-costs-150447244/

5Wang, R. & Donato, J. (March 16, 2026). Middle East war pressures copper, exposes nickel risk. S&P Global. https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/middle-east-war-copper-nickel-supply-risk

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003123 Exp. 5/31/2029

]]><![CDATA[The Global Helium Supply Crisis]]>https://uscfinvestments.substack.com/p/the-global-helium-supply-crisishttps://uscfinvestments.substack.com/p/the-global-helium-supply-crisisThu, 07 May 2026 14:10:34 GMTThe Iran War has impacted numerous markets and economic sectors in different ways, especially strategic resources that are not in the headlines. Helium stands is an essential gas that is used for a variety of advanced technological and medical applications. The number one producer of helium in the world is Qatar. As a result of the Iran war, the global helium supply chain has experienced significant disruptions, affecting a wide variety of industries worldwide.1

The Importance of Helium

Helium possesses unique physical characteristics—chiefly its light weight and chemical inertness—that render it indispensable across several industries. Its applications extend far beyond recreational uses, such as filling up for ballons for parties. Medical facilities depend on helium to cool Magnetic Resonance Imaging (MRI) machines which are an important diagnostic tool. The electronics industry utilizes helium during semiconductor manufacturing; and helium is used to cool nuclear reactors and keep rocket fuel cool during lift-off.. Additionally, helium plays a crucial role in scientific research and welding processes.2

Effects of the Iran War on Helium Supply

Iran’s geographic proximity to major helium producers such as Qatar has exacerbated supply chain vulnerabilities.3 The ongoing conflict has disrupted shipping routes, compromised infrastructure for production, and heightened security risks. Trade restrictions have further complicated the movement of helium, leading to delays and higher transportation costs. This volatility has reduced global supplies and heightened uncertainty among suppliers and consumers alike. 4

Consequences for the Global Economy

The effects of the helium shortage are far-reaching. Helium shortages and significant price increases have become increasingly prevalent as a result of these disruptions.5 Medical institutions and research laboratories in regions far removed from the conflict have occasionally been compelled to postpone procedures or experiments due to unreliable helium availability.6 The potential for this decreased access to medical treatment and negative impacts to scientific research could be far reaching if it continues. Industries integral to the global economy, such as electronics manufacturing and aerospace, confront production delays and rising operational expenses.7 These delays and increased expenses may affect daily life if they lead to decreased availability of a wide range of electronics from vehicles to phones.8

The Iran War’s impact on helium underscores the interconnectedness of global supply chains and the extent to which the Iran war is having a global impact on daily life.

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References

1(2026) The war in Iran is impacting earths supply of helium. NPR. https://www.npr.org/2026/03/15/nx-s1-5747927/the-war-in-iran-is-impacting-earths-supply-of-helium

2(2021). Helium: Sources, Applications, Supply, and Demand. MDPI 3(4). https://www.mdpi.com/2673-5628/3/4/13

3Béchard, D. E. (March 17, 2026). The Iran war disrupts global helium supply and artificial intelligence chipmakers. Scientific American. https://www.scientificamerican.com/article/the-iran-war-disrupts-global-helium-supply-and-artificial-intelligence-chip/

4 (March 28, 2026). Iran war disrupts helium supply chain, hits tech and medical sectors. Financial Times. https://www.iranintl.com/en/202603298433

5Sideco, F. (April 6, 2026). Helium Crisis Tightens Grip On Global Chip Supply Chain. Forbes. https://www.forbes.com/sites/tiriasresearch/2026/04/07/helium-crisis-tightens-grip-on-global-chip-supply-chain/?ss=ai

6Elashi, M. (March 24, 2026). Helium supply crunch puts MRI services at risk amid Qatar disruptions. Euronews. https://www.euronews.com/2026/03/25/helium-supply-crunch-puts-mri-services-at-risk-amid-qatar-disruptions

7 (April 22, 2026). Supply chain cracks constrain AI boom. Axios. https://www.axios.com/2026/04/23/ai-iran-supply-chain

8Potter, L. (April 12, 2026). How are Helium Shortages Impacting Healthcare Supply Chains?. Healthcare Digital. https://healthcare-digital.com/news/helium-shortages-impacting-healthcare-supply-chains

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003121 Exp. 5/31/2029

]]><![CDATA[The Golfer’s Truce]]>https://uscfinvestments.substack.com/p/the-golfers-trucehttps://uscfinvestments.substack.com/p/the-golfers-truceWed, 29 Apr 2026 17:31:15 GMTFor decades, golf was considered a rich man’s game and/or a game for those who may be less athletically gifted. Golf has more recently become cool and is regularly played by many of the greatest athletes from other sports.1 However, it has long been a game enjoyed by U.S. presidents - those both more and less athletic.2

One current hypothesis is “The Golfer’s Truce,” and “The Golfer” is Donald Trump, the 45th and 47th President. President Trump is beyond what one would call an avid golfer. President Trump plays golf regularly. He recently stated that he has won upwards of three dozen club championships and owns multiple golf courses through The Trump Organization.3 What is the relevance of these ponderings? There is a non-zero probability that golf, and sports in general, could be a factor in the most recent cadence of events in the Middle East. For example,

  • On April 8, 2026, the U.S. and Iran agreed to a two-week ceasefire, which occurred just in time to watch the Masters Tournament, which began on April 9, 2026.4 Admittedly, this may be stretching the theory a bit.

  • The next Signature Event on the PGA TOUR golf schedule is the Cadillac Championship, which occurs April 30, 2026, through May 3, 2026. The PGA TOUR’s top players will be playing this tournament at Trump National Doral golf course.5

  • The Saudi Arabian-backed LIV GOLF league’s next tournament is scheduled from May 7, 2026, through May 10, 2026, at the Trump National Golf Club in Washington, D.C.6 Why is this significant? President Trump’s relationship with Saudi Arabia has continued to strengthen, including designating Saudi Arabia as a major non-NATO ally in November 2025.7

  • While this line of reasoning may seem silly, there are also more thoughtful arguments for the timing of the April 9, 2026, ceasefire and the extension announced on April 21, 2026. However, it’s worth noting that the last time the PGA TOUR played a tournament at Trump National Doral in Miami in 2016, then-candidate Trump arrived by helicopter.8 More recently, President Trump arrived via Marine One to LIV GOLF’s April 2025 tournament at Trump National Doral golf course.9

The two upcoming tournaments aren’t typical golf tournaments. The first is an elevated Signature Event on the PGA TOUR.10 The second is the Saudi-backed LIV GOLF league’s first 2026 tournament on U.S. soil.11 More importantly, these tournaments are being played on Trump National golf courses. Wouldn’t you be more surprised if the President didn’t make an appearance at both events? And why spoil two great golf tournaments, on two great Trump National courses, with messy events half a world away?

The Golfer’s Truce.

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References

1(April 21, 2026). Golf’s Rise In Popularity Since Covid Has Been More A Curse Than A Blessing. Golf Monthly. https://www.golfmonthly.com/features/golfs-rise-in-popularity-since-covid-has-been-more-a-curse-than-a-blessing

2 (August 15, 2015). Donald Trump is not the first US president to enjoy golf. Experts look at the connection between the sport and politics. Northeastern University. https://news.northeastern.edu/2025/08/15/why-american-presidents-love-golf/

3 (January 25, 2026) How Many Club Championships Has Donald Trump Reportedly Won? Golf Monthly. https://www.golfmonthly.com/features/how-many-club-championships-has-donald-trump-reportedly-won

4 (April 8, 2026) Leaders’ statement on the two-week ceasefire concluded between the United States and Iran. European Council. https://www.consilium.europa.eu/en/press/press-releases/2026/04/08/leaders-statement-on-the-two-week-ceasefire-concluded-between-the-united-states-and-iran/

5 (April, 2026) Schedule. PGA Tour. https://www.pgatour.com/schedule

6 (April, 2026) Schedule. LIV Golf. https://www.livgolf.com/schedule

7 (November 18, 2025) Trump elevates Saudi Arabia to ‘major non-NATO ally’ status. Politico. https://www.politico.com/news/2025/11/18/trump-saudi-arabia-ally-00658467

8(March 5, 2016). Trump Arrives To PGA Cadillac Championship By Helicopter. CBS Miami. https://www.cbsnews.com/miami/news/trump-arrives-to-pga-cadillac-championship-by-helicopter/

9 (April 4, 2025). President Trump arrives via helicopter on golf course at Trump National Doral. Palm Beach Post. https://www.palmbeachpost.com/story/news/trump/2025/04/03/liv-golf-miami-donald-trump-doral-golf-course/82788877007/?gnt-cfr=1&gca-cat=p&gca-uir=false&gca-epti=z110201p000350c000350e112450v110201&gca-ft=166&gca-ds=sophi

10 (2025) How it Works: Signature Events. PGA Tour. https://www.pgatour.com/article/news/how-it-works/signature-events

11(January 8, 2026) First Look: What to know for LIV Golf Promotions 2026. LIV Golf. https://www.livgolf.com/news/first-look-2026-liv-golf-promotions

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc. USO003117 Exp. 4/30/2029

]]><![CDATA[Understanding the Fertilizer Supply Crisis Amid Maritime Disruption]]>https://uscfinvestments.substack.com/p/understanding-the-fertilizer-supplyhttps://uscfinvestments.substack.com/p/understanding-the-fertilizer-supplyThu, 23 Apr 2026 17:01:39 GMTThe Strait of Hormuz, a narrow but vital channel connecting the Persian Gulf to the world’s oceans, serves as a lifeline for countless shipments. The effects of closing or limiting passage through the Strait of Hormuz has negative effects that ripple far beyond oil, restricting approximately a third of the world’s global fertilizer trade. 1 Fertilizers, whether nitrogen-based, phosphates, or potash, are fundamental to modern agriculture, and the recent supply disruptions have the potential to threaten food security on a massive scale.

Many fertilizer components, such as ammonia, urea, and potash, are sourced from countries that export through the Strait of Hormuz.2If vessels are unable to get through the Strait, key supply chains grind to a halt. Import-dependent nations face immediate shortages, which can lead to reduced crop yields, higher production costs, and ultimately, higher prices at the grocery store.3 Farmers may be forced to ration fertilizer use, jeopardizing both quality and quantity of their harvests.4

The closure of the Strait of Hormuz also impacts the logistics of fertilizer delivery. Shipping delays and rerouted vessels mean longer lead times and increased transportation expenses that are compounded by increases to the price of oil and other energy sources. Countries with limited domestic fertilizer production may be especially vulnerable, as alternative routes often prove costly or impractical.5 Small-scale farmers, who have the least flexibility in adapting to price hikes, may suffer disproportionately, leading to greater inequalities in agricultural output.6 While countries in the United States and Europe, where the Spring planting season is in process, are already experiencing the effects; developing countries are at a high risk for severe impacts.

Furthermore, the fertilizer supply crisis could trigger volatility in global agricultural markets. As buyers scramble for available commodities, prices may fluctuate unpredictably, making future planning difficult for both producers and suppliers. This uncertainty compounds the stress on food systems already grappling with climate challenges and shifting consumer demands.7

In response, agricultural stakeholders might look to diversify their sourcing, invest in local production, or adopt more efficient fertilizer application methods. However, these changes take time and resources.8 The closure of the Strait of Hormuz serves as a stark reminder that resilient and adaptable supply chains are essential—not only for oil and energy, but for the agricultural inputs that sustain the world.

The fertilizer supply disruption resulting from the blockade at the Strait of Hormuz and the time it takes to recover from the disruption could having lasting consequences with the potential to reshape agricultural practices, food markets, and even the way nations approach their food security strategies.9

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References

1 (March 30, 2026). ‘The planting season is now,’ but war in Iran has sparked a global fertilizer shortage. https://www.pbs.org/newshour/world/the-planting-season-is-now-but-war-in-iran-has-sparked-a-global-fertilizer-shortage

2 (March 5, 2026). Strait of Hormuz closure; impacts to fertilizer. Mid-West Farm Report. https://www.midwestfarmreport.com/2026/03/06/strait-of-hormuz-closure-impacts-to-fertilizer/

3 (April 6, 2026). Fertilizer Prices Soar as Strait of Hormuz Closure Disrupts Supply. PBS. https://www.pbs.org/newshour/show/farmers-warn-of-food-price-spike-as-war-drives-up-fuel-and-fertilizer-costs

4Parum, F. (April 13, 2026). Farm Bureau Survey Reveals Real Impact of Fertilizer Availability and Price. American Farm Bureau Federation. https://www.fb.org/market-intel/farm-bureau-survey-reveals-real-impact-of-fertilizer-availability-and-price

5(March 10, 2026). Strait of Hormuz Closure Raises Concerns for Global Fertilizer Trade, Says The Fertilizer Institute. The Fertilizer Institute. https://www.global-agriculture.com/crop-nutrition/strait-of-hormuz-closure-raises-concerns-for-global-fertilizer-trade-says-the-fertilizer-institute/

6Shearing, C. (March 29, 2026). How the Strait of Hormuz Closure Presents Fertilizer Supply Problems for Farmers. Food Logistics. https://www.foodlogistics.com/sustainability/agriculture/article/22963346/american-farm-bureau-federation-how-the-strait-of-hormuz-closure-presents-fertilizer-supply-problems-for-farmers

7Malik, A., Li, M., Lenzen, M., Fry, J., Liyanapathirana, N., Beyer, K., Boylan, S., Lee, A., Raubenheimer, D., Geschke, A. & Prokopenko, M. (2022). Impacts of climate change and extreme weather on food supply chains cascade across sectors and regions in Australia. Nature Food 3(8), pp. 570-580. https://doi.org/10.1038/s43016-022-00570-3

8 (April 2025). Crop Diversification for Ensuring Sustainable Agriculture, Risk Management and Food Security. PMC11802337. https://www.researchgate.net/publication/387957606_Crop_Diversification_for_Ensuring_Sustainable_Agriculture_Risk_Management_and_Food_Security

9(March 26, 2026). FAO Warns of Global Food Security Risks at Hormuz. FAO.org https://www.fao.org/newsroom/detail/fao-chief-economist-warns-of-severe-global-food-security-risks-from-disruption-to-strait-of-hormuz-trade-corridor/en#:~:text=The%20Chief%20Economist%20pointed%20out,scale%20of%20its%20global%20impact.

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003109 Exp. 4/30/2029

]]><![CDATA[Democratizing Commodities: Expanding Access for Everyday Investors]]>https://uscfinvestments.substack.com/p/democratizing-commodities-expandinghttps://uscfinvestments.substack.com/p/democratizing-commodities-expandingWed, 15 Apr 2026 14:31:35 GMTFor decades, exposure to commodities was largely out of reach for everyday investors. Commodities markets were dominated by institutional investors and professional traders who could handle the complexity, significant capital requirements and operational hurdles. Yet commodities play an important role in the global economy and have become an important part of the investment conversation.

USCF Investments was founded twenty years ago with the goal of offering broad access and exposure to previously inaccessible investments. By offering transparent, exchange‑traded products designed to provide exposure to commodities futures, USCF Investments provided individual investors and advisors using traditional brokerage accounts with a way to obtain commodities exposure.

Democratization matters because access drives opportunity. Commodities can behave differently than stocks and bonds, offering diversification potential and sensitivity to real‑world forces like inflation and supply‑and‑demand shifts.

As commodities remain central to conversations around energy, agriculture, and global growth, access to these markets continues to matter. USCF Investments’ founding vision—expanding access to investments once reserved for the few by packaging the commodities exposure in an exchange-traded product—has helped redefine what’s possible for modern portfolios and for investors.

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IMPORTANT INFORMATION:
You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.
The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.
Past performance is not indicative of future results.
Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.
Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.
Diversification does not eliminate the risk of experiencing investment losses.
Funds distributed by and not affiliated with ALPS Distributors, Inc.
USO003107 Exp. 4/30/2029
]]><![CDATA[The Resurgence of Silver: More Than Just a Precious Metal]]>https://uscfinvestments.substack.com/p/the-resurgence-of-silver-more-thanhttps://uscfinvestments.substack.com/p/the-resurgence-of-silver-more-thanThu, 09 Apr 2026 14:01:16 GMTIn recent years, silver has captured the attention of investors, analysts, and commodity enthusiasts alike. Once overshadowed by gold, silver is now making headlines for its distinct mix of industrial utility and financial appeal. As global markets shift and new technologies emerge, demand for silver has increased as well as its value as a commodity.

Industrial Demand Fuels Silver’s Growth

Unlike gold, which is primarily valued for its status as a safe haven and store of wealth, silver is valued for retail (jewelry and silverware) and industrial purposes. Silver’s use in manufacturing, electronics, solar panels, and medical devices has led to robust and growing industrial demand. With the global push toward renewable energy, the need for silver in photovoltaic cells has surged, making it a vital element in the green revolution.1 This industrial demand provides a solid foundation for silver prices and ensures its relevance beyond retail and investment.2 In 2025, silver prices experienced a nearly 130% increase in value, in part because of tariffs with prices expected to continue to increase in 2026.3

Investment Appeal in Uncertain Times

Silver’s affordability compared to gold has made it a popular choice for investors looking for a hedge against inflation and economic volatility.4 As central banks grapple with monetary policies and inflationary pressures, silver offers an accessible entry point for both small and institutional investors. The metal’s historic role as a store of value and its liquidity on global markets further enhance its appeal.5 In addition, as its investment appeal increases, exchange-traded products are estimated to hold 1.31 billion ounces of silver.6

Technology and Innovation: Silver’s New Frontier

Developments in technology have expanded silver’s applications, especially in electronics and the medical field.7 Silver offers electrical conductivity as well as antibacterial properties that have led to innovations from circuit boards to wound care. As technology evolves, silver’s versatility ensures it is likely to remain at the forefront of industrial innovation.

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References

1(2024). Silver and Solar Technology. The Silver Institute. https://silverinstitute.org/silver-solar-technology-2/

2(April 15, 2025). Silver Industrial Demand Reached a Record 680.5 Moz in 2024. Silver Institute Press Releases. https://silverinstitute.org/silver-industrial-demand-reached-a-record-680-5-moz-in-2024/

3(2026). How will silver prices fare in 2026?JP Morgan https://www.jpmorgan.com/insights/global-research/commodities/silver-prices

4(2026). Silver Outperforms Gold in 2025 | US Data, ETF Inflows, and Supply Deficit. Equiti. https://www.equiti.com/jo-en/news/trade-reviews/silver-outperforming-gold/

5(2016). The dynamics of precious metal markets VaR: A GARCHEVT approach. Journal of Commodity Markets 4(1), pp. 14-27. https://doi.org/10.1016/j.jcomm.2016.10.001

6(2026) Global Silver Investment to Remain Strong in 2026. Silver Institute Press Releases. https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/

7Chang, C., Allan-Cole, E. & Chang, C. (July 2, 2015). New technology using silver may hold key to electronics advances. ScienceDaily. https://www.sciencedaily.com/releases/2015/07/150702131520.htm

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003069 Exp. 2/28/2029

]]><![CDATA[The Hormuz Standoff: Why Oil Futures Haven’t Reached $150…Yet ]]>https://uscfinvestments.substack.com/p/the-hormuz-standoff-why-oil-futureshttps://uscfinvestments.substack.com/p/the-hormuz-standoff-why-oil-futuresMon, 30 Mar 2026 15:15:47 GMTThe Strait of Hormuz is the world’s most crucial maritime chokepoint for crude oil. This slender passage connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, facilitating a significant portion of global seaborne energy trade. About 20% of global oil supply flows through the Strait every day, as does a significant portion of liquefied natural gas (LNG) cargos and other energy products. The U.S. and Israel’s bombing of Iran over the past weekend led to immediate retaliation and action by both sides that has effectively closed the Strait to some energy cargoes. While the Strait of Hormuz is “closed” (for now), and the situation is changing rapidly. Crude oil prices spiked in the immediate aftermath of the strikes and could remain elevated for some time. Prices have not approached $100 per barrel, as many forecasters had feared, suggesting that the market may expect the conflict to be relatively short-lived. If expectations change or the Strait is fully closed to shipping, then energy prices could spike higher.

Understanding the Strait of Hormuz

The Strait of Hormuz is a narrow maritime passage, approximately 21 miles wide at its tightest point, flanked by Iran to the north and the United Arab Emirates (UAE) and Oman to the south and southeast. It serves as the sole maritime route from the Persian Gulf to the open ocean, magnifying its significance to trade despite its size.

The closure of the Strait of Hormuz by Iran has precipitated what is widely regarded as the biggest oil supply disruption in history. Energy prices and risks have skyrocketed, especially for physical barrels in the Middle East and Asia. While reactive, oil futures have yet to reflect the full scope of the crisis. This is mostly because investors have maintained a belief that the Iran war will be short-lived. The market’s underreaction is warranted if the war is resolved soon. If not, oil futures have more room to rise.

Oil futures volatility was higher (so far) during three previous supply driven markets: the 1991 Gulf War, “peak oil” concerns at the start of the Great Financial Crisis in 2008, and the Russian Invasion of Ukraine in 2022.
Sources: CME, Bloomberg

One Month In

On February 27th, the day before the U.S. attacks on Iran, Brent oil futures and WTI oil futures closed at $72.48 and $67.02 respectively. On March 20th, Brent futures prices settled at $112.19 while WTI closed at $98.32. The gains between these dates were 54% for Brent and 47% for WTI. Intraday price highs reached nearly $120 for both contracts. This hardly seems like an underreaction. However, these gains are muted compared to past oil crises.

Sources: IEA, EIA, OPEC, BP, Bloomberg

As the table above shows, the current oil disruption affects at least 4x the percentage of global supply as any previous crisis. Yet forward markets remain constrained. Even Dubai crude futures have remained in the same price range as Brent and WTI oil futures. Experts have frequently used $150 as a rough oil price target when discussing a hypothetical closure of Hormuz. Physical cargoes in the region have already exceeded that level as customers compete for scarce barrels. So why aren’t oil futures trading at $150 yet?

Oil futures prices were higher (so far), in 2008, 2011-2014 (due to the Arab Spring and other factors), and after Russia’s invasion of Ukraine in 2022. On a percentage basis, oil jumped more during these events and in 1991 after Iraq invaded Kuwait. On an inflation adjusted basis, oil futures prices in March 2026 are well below previous records.
Sources: CME, Bloomberg

Several mitigating factors could explain some of the futures market’s underreaction. For starters, investors have expected a “Trump TACO trade”, whereby the president reverses course whenever markets show signs of panic based on one of his policies. Indeed, over the last two weeks, President Trump has made several announcements suggesting Iranian operations could wind down soon. Trump has also intermittently signaled progress in negotiations with Iran and has proposed remedies such as providing U.S. naval escorts for shippers. Some of these announcements temporarily calmed markets. Unfortunately, the veracity and effectiveness of such claims and proposals is dubious. Further, unlike past policy reversals, the outcome of the Iran war is not exclusively in Trump’s hands. He may lack the power to compel a vengeful Iranian regime to reopen Hormuz, no matter what actions he takes. Likewise, Israel may not cease its attacks just because the U.S. reaches terms with Iran. Still, investors seem to be holding out hope for a positive surprise.

The backdrop for the current crisis may also explain current price levels.

  • First, oil supply was abundant relative to demand prior to the Iran war.[1]

  • Second, the world, and especially the United States, depends less on oil from the Middle East and OPEC than during any previous supply crisis. This does not mean the world can absorb significant cutbacks from OPEC nations; merely that supplies from the U.S. and other nations cushions the blow.

  • Third, while 20% of daily oil and LNG supplies transit the Strait of Hormuz, Saudi Arabia has re-routed about 4.4 million barrels across the desert to the Red Sea. (The UAE has also rerouted some supply, albeit inconsistently.)

  • Fourth, G7 nations announced a coordinated release of strategic oil reserves to offset some lost barrels.

  • Fifth, some demand destruction has occurred from Asian economies and due a reduction in Middle East jet fuel consumption.

  • Sixth – Iran is allowing some cargoes through the Strait, including its own vessels as well as those of friendly nations. The U.S. is quietly ignoring these shipments to avoid even higher oil prices.

All told, of the 20 million barrels per day that previously flowed through the Strait, perhaps up to half could be considered offset by prior excess supply, increased production in non-OPEC states, rerouting, planned strategic reserve releases, demand destruction, and Iran-friendly cargoes. However, not all these barrels mean the right type of crude is reaching the right customers at the right time.

There are risks to these offsets.

  • Without the ability to ship oil, nations in the Persian Gulf began shutting-in production. Additionally, Iranian attacks on neighboring states energy facilities have led to more shut-ins. Ongoing attacks could lead to still more lost production.

  • While the United States is much more energy independent than in the past, and can supply some energy to international customers, not all barrels are equal. For example, the U.S. primarily produces light-sweet crude, while many of its refineries process heavy, sour crude. Additionally, the U.S. still consumes more barrels per day than it produces. This means, the U.S. must import oil.

  • Finally, strategic reserves from G7 nations take time to come to market, can only offset about 3 million barrels per day of lost supply, and won’t last forever. In short, the longer the Iran war lasts, the worse the supply picture becomes.

The Months Ahead

What happens next is anyone’s guess. Numerous events and combinations of events could occur. Below, we consider three broad possibilities.

Quick Resolution/Gradual Supply Restoration

If Iran agrees to reopen the Strait of Hormuz, futures prices should fall quickly. (From what height depends on how soon this happens.) The best model for this scenario may be the first Gulf War. When Saddam Hussein invaded Kuwait in August of 1990, Brent and WTI futures roughly doubled over the next two months. Prices declined as coalition forces looking to liberate Kuwait amassed in the Persian Gulf. On the day Operation Desert Storm commenced, WTI futures dropped 33%, by far the largest single day drop in oil futures history until the Covid-19 pandemic twenty-nine years later. After this initial drop, volatility fell but remained elevated relative to pre-war levels for several more months.

Sources: CME, Bloomberg

Volatility may not subside so quickly after the present crisis is resolved. Shut-in production and shipping bottlenecks will take several months (perhaps quarters) to normalize. However, the biggest price adjustments may occur when the light at the end of the tunnel first appears.

Protracted Hostilities

Many experts and institutions foresee oil futures reaching the catastrophic $150+ price range if the Iran War hasn’t ended by late April. By that point, too much supply will have been taken offline, the effectiveness of remedies will have diminished, storage will be maxed out requiring hard shut-ins of oil wells which will take much longer to restart. By this point, if not sooner, markets will have grown pessimistic about the timeline for full restoration of production. One of the few things that might keep a lid on prices in a protracted conflict is the increasing demand destruction that might result from higher prices. A recession or economic slowdown caused by higher prices could further curb demand.

Escalation

As of late March, the U.S. is sending more troops to the Gulf region to launch a potential ground invasion, either of Kharg Island (the Iranian oil hub) or territory around the Strait of Hormuz. If such actions occur, it risks extending the conflict even longer.[2] To the west, Houthi militants could enter the conflict at any time of their own volition or at Iran’s request. If they do, they could disrupt flows in the Red Sea, where Saudi Arabia has currently re-routed 4.4 million barrels per day and where additional cargoes transit. A Houthi attack would worsen the present supply shortage. Escalation could also come from Arab nations tired of Iran’s attacks on their infrastructure or from Israel. Regardless of the source, any action that intensifies and extends the present conflict is likely to drive prices up.

Conclusion

No one knows what path lies ahead. Prices are likely to maintain an upward trajectory until a definitive end to the war materializes. In the present environment, investors should expect continued volatility. Large returns tend to cluster, especially during times of crisis. The largest gains are often followed by the steepest losses, and vice versa. Since the war broke out one month ago, there have been only two daily returns in WTI crude futures that exceeded +/- 10%, a little over 4 standard deviations. Only five days have exceeded a three standard deviation move. In past crisis, there have been dozens of returns at or above these magnitudes. Expect more chaos ahead.

Sources: CME, Bloomberg, USCF

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IMPORTANT INFORMATION:
You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.
The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.
Past performance is not indicative of future results.
Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.
Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.
Diversification does not eliminate the risk of experiencing investment losses.
Funds distributed by and not affiliated with ALPS Distributors, Inc.
USO003087 Exp. 4/30/2029

[1] Despite the overall excess, some key physical markets were tight, leading to a premium on physical relative to futures prices, and to backwardation in futures markets.

[2] Based on the extent and nature of deployments, this could be a bluff. Is a Ground War With Iran Imminent, or Inevitable? https://www.kenklippenstein.com/p/is-a-ground-war-with-iran-imminent?triedRedirect=true

]]><![CDATA[Why Is the Strait of Hormuz So Important to World Oil Supply? ]]>https://uscfinvestments.substack.com/p/why-is-the-strait-of-hormuz-so-importanthttps://uscfinvestments.substack.com/p/why-is-the-strait-of-hormuz-so-importantWed, 04 Mar 2026 14:03:04 GMTThe Strait of Hormuz is the world’s most crucial maritime chokepoint for crude oil. This slender passage connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, facilitating a significant portion of global seaborne energy trade. About 20% of global oil supply flows through the Strait every day, as does a significant portion of liquefied natural gas (LNG) cargos and other energy products.1 The U.S. and Israel’s bombing of Iran over the past weekend led to immediate retaliation and action by both sides that has effectively closed the Strait to some energy cargoes.2 While the Strait of Hormuz is “closed” (for now), and the situation is changing rapidly. Crude oil prices spiked in the immediate aftermath of the strikes and could remain elevated for some time.3 Prices have not approached $100 per barrel, as many forecasters had feared, suggesting that the market may expect the conflict to be relatively short-lived.4 If expectations change or the Strait is fully closed to shipping, then energy prices could spike higher.

Understanding the Strait of Hormuz

The Strait of Hormuz is a narrow maritime passage, approximately 21 miles wide at its tightest point, flanked by Iran to the north and the United Arab Emirates (UAE) and Oman to the south and southeast.5 It serves as the sole maritime route from the Persian Gulf to the open ocean, magnifying its significance to trade despite its size.

While the Strait borders Iran, Oman, and the UAE, its impact reaches all Persian Gulf oil producers, including Saudi Arabia, Iraq, Kuwait, Qatar, and Bahrain. The ripple effects of any disruption are felt globally, affecting major importers in Asia, Europe, and North America.

The Strait’s vulnerability has been highlighted by past incidents, such as the Tanker War during the Iran-Iraq conflict that began in 1981 and the previous attack on Iran’s nuclear facilities in June of 2025.6 The current military actions have once again illustrated the sensitivity of energy markets to disruptions in the region.

The Strategic Role of the Strait in Oil Transportation

Approximately one-fifth of the world’s traded petroleum liquids—crude oil, condensate, and natural gas liquids—pass through the Strait of Hormuz daily. It also is a vital route for Qatar’s LNG exports.7 Disruptions could significantly impact global supply chains.

Although some pipelines provide alternative routes, the bulk of Gulf seaborne exports still navigate this corridor, especially towards Asian markets. The concentration of supply through a single channel amplifies the impact of any threat.

Market responses to such tensions are swift, with risk premiums affecting international oil benchmarks like Brent crude oil and West Texas Intermediate crude oil. The current conflict has heightened these risks, with potential increases in war-risk premiums and freight rates, leading to a reevaluation of supply assumptions by traders.8

Current Risks and Challenges in the Strait of Hormuz

Geopolitical tensions are the primary risk to the Strait’s stability. The recent military actions by the U.S. and Israel against Iran have increased the likelihood of shipping disruptions. Even without a direct blockade, threats to close the Strait, incidents involving drones, and vessel harassment can cause significant market volatility.

Security concerns extend beyond state actors, with gray-zone tactics contributing to uncertainty for commercial shipping. Increased military presence in the region aims to deter incidents, but the risk of conflict remains high.

Environmental and navigational challenges add to the complexity. The narrow and busy shipping lanes heighten collision risks, especially in adverse weather conditions. Effective traffic management and experienced crews are essential to minimizing these risks, especially amid current tensions.

Finally, when rhetoric turns to war, the cost of shipping energy through the Strait becomes prohibitively high. Insurers raise premiums dramatically, while ship and cargo owners voluntarily decide not to take the risk of passing through dangerous waters.9

Future Considerations for Global Oil Supply

Efforts to reduce reliance on chokepoints are ongoing. Existing pipelines offer partial alternatives, such as Saudi Arabia’s East-West pipeline and the UAE’s route to the Gulf of Oman. However, these do not match the Strait’s capacity.10

Strategic reserves, diversified sourcing, and demand-side measures help mitigate short-term shocks. In the long term, advancements in renewables and energy efficiency may reduce oil’s share in the energy mix, though current events indicate oil’s continued importance.

Technological advancements are enhancing resilience. Improvements in tanker design, navigation systems, and cybersecurity are crucial in safeguarding maritime operations.

Key Takeaways

  • The Strait of Hormuz is a critical maritime passage for global oil and LNG trade.

  • Geopolitical tensions can rapidly disrupt shipping and global prices, as evidenced by the U.S. and Israel’s recent actions.

  • Alternative routes exist but cannot replace the strait’s capacity for oil exports.

  • While diversification and technology can mitigate some risks, stability in the Gulf of Hormuz remains essential for market confidence.

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References
1(June 23, 2025). About one-fifth of global liquefied natural gas trade flows through the Strait of Hormuz. U.S. Energy Information Administration. https://www.eia.gov/todayinenergy/?os=fno_journeystrueno_journeystrue0
2(February 28, 2026). U.S. and Israel’s attacks on Iran threaten Strait of Hormuz, oil markets. Al Jazeera. https://www.aljazeera.com/news/2026/3/1/how-us-israel-attacks-on-iran-threaten-the-strait-of-hormuz-oil-markets
3(February 28, 2026). Oil prices rise sharply after attacks in Middle East disrupt global energy supply. Associated Press. https://apnews.com/article/21e634acba4c35801d28dfdbcc53824a
4(March 1, 2026). Oil prices leap on worries about Iran war, while US stocks trim their sharp losses. Associated Press. https://apnews.com/article/25fd9bfa1b20549a6cbbdee61b2ea05f
5(June 24, 2025). What Is the Strait of Hormuz and What Impact Could It Have on International Trade If Iran Closes It?. Time. https://time.com/7296861/strait-of-hormuz-function-iran-closure-threat-impact-trade/
6Tolan, J. R. (2017). The Tanker War: Iran-Iraq War at Sea, 1981–1988. Naval Institute Press. https://www.usni.org/press/books/tanker-war-iran-iraq-war-sea-1981-1988
7(June 23, 2025). EIA: About one-fifth of global liquefied natural gas trade flows through the Strait of Hormuz. U.S. Energy Information Administration. https://www.eia.gov/todayinenergy/detail.php?id=52200
8Germany, M. (June 24, 2025). Middle East war risk insurance costs surge due to conflict. World Ports Organization. https://www.worldports.org/middle-east-war-risk-insurance-costs-surge-due-to-conflict/
9Saul, J. & Jones, M. (June 23, 2025). Escalating Hormuz tensions drive up Middle East war risk insurance costs, sources say. Insurance Journal. https://www.insurancejournal.com/news/international/2025/06/24/828858.htm
10(April 18, 2022). World Oil Transit Chokepoints. U.S. Energy Information Administration. https://www.eia.gov/international/content/analysis/special_topics/World_Oil_Transit_Chokepoints/

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003081 Exp. 3/31/2029

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]]><![CDATA[The Roots of Chocolate]]>https://uscfinvestments.substack.com/p/the-roots-of-chocolatehttps://uscfinvestments.substack.com/p/the-roots-of-chocolateWed, 11 Feb 2026 14:48:54 GMTChocolate, as we know it today, traces its origins to cacao from the ancient civilizations of Mesoamerica, particularly the Olmec, Maya, and Aztec peoples. These societies cultivated the cacao tree and revered its beans, which were used to make a bitter, frothy beverage often associated with rituals and even considered a food of the gods. The Maya called it “xocolātl,” and the Aztecs valued cacao beans so highly that the cacao beans were used as a form of currency.1

Cacao’s Journey to Europe

With the arrival of Spanish explorers in the Americas during the 16th century, cacao made its way across the Atlantic. Initially, drinks made from cacao were a luxury enjoyed by the European elite, who adapted the recipe for drinking chocolate by adding sugar, vanilla, and spices to suit their palates. Chocolate soon became a symbol of status and sophistication across European courts, fueling demand for cacao and inspiring new culinary innovations.2

The Industrial Revolution and Mass Production

The 19th century marked a turning point in the production of cacao or cocoa and the history of chocolate. Advancements in machinery and processing allowed for the mass production of chocolate bars, making the once-luxurious treat more accessible to the general population. Companies like Cadbury, Nestlé, and Hershey’s played significant roles in transforming chocolate into an everyday product, developing new products and marketing strategies that fueled its popularity worldwide.3

Cocoa as a Global Commodity

Today, chocolate is one of the most widely consumed treats in the world, and cocoa is a major agricultural commodity. The global chocolate industry is worth billions of dollars, with cacao primarily grown in West Africa, Latin America, and Southeast Asia.4 The cacao trade supports millions of farmers, workers, and businesses worldwide, making it an essential crop for both local economies and global commerce.5

The Social and Economic Impact of Chocolate

While chocolate brings joy to consumers, its production has social and economic implications. The industry faces challenges such as fluctuating market prices, climate change that impacts cacao crops, and concerns about fair labor practices. Efforts to promote sustainable sourcing, fair trade, and ethical labor are increasingly important to chocolate consumers as they become more aware of the complexities behind a simple chocolate bar.

Chocolate’s Enduring Importance

From its sacred roots in ancient rituals to its place as a symbol of love, celebration, and indulgence, chocolate has remained an important part of human culture for centuries.

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References

1(2011). Chocolate in Mesoamerica. World History Encyclopedia. https://www.worldhistory.org/Chocolate_in_Mesoamerica/

2(2026). Chocolate’s Sweet History: From Elite Treat to Food for the Masses. History.com. https://www.history.com/articles/the-sweet-history-of-chocolate

3(2017). A review of marketing strategies from the European chocolate industry. Journal of Global Entrepreneurship Research 7(1). https://doi.org/10.1186/s40497-017-0068-0

4(2022). Climate Change and Sustainability Report. https://www.bfawu.org/wp-content/uploads/2022/06/Climate-change-sustainability-report.pdf

5A., K. J. & S., D. A. (2024). Cocoa production in the 2020s: challenges and solutions. CABI Agriculture and Bioscience 5. https://doi.org/10.1186/s43170-024-00310-6

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003067 Exp. 2/28/2029

]]><![CDATA[Understanding the Differences: Light Sweet Crude Oil vs. Heavy Sour Crude Oil ]]>https://uscfinvestments.substack.com/p/understanding-the-differences-lighthttps://uscfinvestments.substack.com/p/understanding-the-differences-lightWed, 04 Feb 2026 15:02:12 GMTWhen it comes to crude oil, not all barrels are created equal. Differences in crude oil types can significantly affect extraction, refining, and end-use applications. For instance, the United States is known for producing significant quantities of light, sweet crude oil, which is in demand because of its ease of refining and versatility. In contrast, Venezuela is famous for its vast reserves of heavy sour crude oil, especially in the Orinoco Belt. Venezuelan crude requires more complex refining processes due to its higher density and sulfur content, posing economic and logistical challenges for producers and refiners.

Understanding the distinctions among these crude oil types is essential for understanding their roles in the global energy market and the challenges faced by different regions.

Light Sweet Crude Oil

Light sweet crude oil is a variety of petroleum that is distinguished by its low density, meaning it flows easily, and its low sulfur content, which makes it “sweet.” (Light Crude Oil, 2026) Because of these characteristics, it is easier and less expensive to refine into valuable products like gasoline, diesel, and jet fuel. (Energy Primer, 2020) A prime example of light sweet crude is the oil produced in the United States, with primary sources found in the Permian Basin of Texas and the Bakken formation in North Dakota. (Ten counties in the Permian Basin account for 93% of U.S. oil production growth since 2020, 2025) These crude oils are highly sought after in global markets due to their efficiency and lower environmental impact during refining. (Center, 2024)

Heavy Sour Crude Oil

In contrast, heavy sour crude oil is marked by its higher density and greater sulfur content, making it “heavy” and “sour.” This type of oil is thick and highly viscous, requiring advanced refining techniques and equipment to process. (Merey 16: Technical profile, history, market and challenges of Venezuela’s heavy crude, 2026) Venezuela, particularly the Orinoco Belt, is renowned for its massive reserves of heavy sour crude. (Schenk et al., n.d.) While these reserves are abundant, refining heavy sour crude is more costly and can raise environmental concerns because of the additional steps required to remove impurities. (Center, 2024) Despite these challenges, heavy sour crude remains a critical resource for countries which are equipped to process it.

Key Differences at a Glance

· Density: Light crude flows more easily, while heavy crude is thicker and more viscous.

· Sulfur Content: Light sweet crude contains less sulfur, making it easier and cleaner to refine, whereas heavy sour crude has a higher sulfur content, necessitating more intensive processing.

· Economic Impact: The relative ease of refining light sweet crude often results in a higher market price, while processing challenges for heavy sour crude can lower its value and increase costs. (Technical and Economic Analysis of the Transition to Ultra-Low Sulfur Fuels, 2012)

· Geographic Examples: The United States is a leading producer of light sweet crude, while Venezuela is known for its vast heavy sour crude reserves.

Conclusion

The contrast between the United States’ light sweet crude oil and Venezuela’s heavy sour crude highlights the diversity of the global oil industry. These differences influence everything from extraction techniques and refining processes to market demand and environmental considerations. Understanding these distinctions is key to appreciating the complexities of the international energy market.

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References

2026). Light Crude Oil. Petro Online. https://www.petro-online.com/news/measurement-and-testing/14/breaking-news/what-are-the-different-types-of-crude-oil/50978

(2020). Energy Primer. Federal Energy Regulatory Commission. https://www.ferc.gov/sites/default/files/2020-06/energy-primer-2020_Final.pdf

(September 1, 2025). Ten counties in the Permian Basin account for 93% of U.S. oil production growth since 2020. U.S. Energy Information Administration. https://www.eia.gov/todayinenergy/detail.php?id=66025

Center, P. C. (May 6, 2024). Heavy Crude Oil Market. Hydrocarbon Processing. https://www.hydrocarbonprocessing.com/news/2024/05/heavy-oil-shortages-are-driving-up-refiners-cost/

(2026). Merey 16: Technical profile, history, market and challenges of Venezuela’s heavy crude. Shale24. https://www.shale24.com/en/oil-gas/merey-16-technical-profile-history-market-and-challenges-of-venezuelas-heavy-crude-n282/amp

Schenk, C. J., Cook, T. A., Charpentier, R. R., Pollastro, R. M., Klett, T. R., Tennyson, M. E., Kirschbaum, M. A., Brownfield, M. E. & Pitman, J. K. (n.d.).An estimate of recoverable heavy oil resources of the Orinoco Oil Belt, Venezuela. https://pubs.usgs.gov/publication/fs20093028

(2012). Technical and Economic Analysis of the Transition to Ultra-Low Sulfur Fuels. https://theicct.org/wp-content/uploads/2021/06/ICCT_ULSF_refining_Oct2012.pdf

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003048 Exp. 1/31/2029

]]><![CDATA[Natural Gas Prices Surge as Winter Storm Fern Hits]]>https://uscfinvestments.substack.com/p/natural-gas-prices-surge-as-winterhttps://uscfinvestments.substack.com/p/natural-gas-prices-surge-as-winterThu, 29 Jan 2026 14:00:15 GMTWinter storm Fern fueled a massive rally in natural gas prices as forecasts predicted a severe storm in mid-January. Futures prices soared 124% between January 16th and 27th.1 While winter price rallies are common in natural gas markets, Fern differs from other storms in the recent past in several ways.

  • Fern is more severe, widespread, and longer-lasting than most winter storms in recent memory.2 Natural gas prices often collapse soon after the initial impact of cold, ice, and snow passes. Fern’s impact could last longer, as more significant and protracted production disruptions chip away at supplies.

  • Natural gas supply was abundant before Fern hit. Storage levels on January 16th were higher than the five-year average, the year-ago average, and even the maximum of the previous five years.3 This surplus helped moderate the extent of the price rally—without it, the surge in prices could have been even more dramatic.

  • The presence of massive short positions in natural gas futures, built up due to earlier mild forecasts and plentiful supplies, accelerated the rally as traders scrambled to cover their positions.4

As Fern dissipates, the rally is likely to fizzle out (short of another catalyst). Whether prices remain high, or begin to revert to pre-storm levels, depends on how swiftly production can be restored and storage replenished. The upcoming U.S. Department of Energy report is anticipated to show a significant drawdown in natural gas storage, which the market has anticipated.5 Based on patterns from prior storms, as indicated in the chart below, if this report and subsequent reports demonstrate less impact than expected, prices could fall. Conversely, if reports match expectations, price volatility would be expected to stabilize.

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References
1MarketMinute. (January 25, 2026). Arctic Blast Paralyzes U.S. Natural Gas Markets: Henry Hub Prices Rocket 50% Amid Production Freeze-Offs. https://business.ricentral.com/ricentral/article/marketminute-2026-1-26-arctic-blast-paralyzes-us-natural-gas-markets-henry-hub-prices-rocket-50-amid-production-freeze-offs
2(January 24, 2026). Massive winter storm dumps sleet, freezing rain and snow around much of US. Associated Press. https://apnews.com/article/7ea143995026e68db42ed1b4aec396cb
3(January 15, 2026). U.S. Natural Gas Overview as of January 16, 2026. Energy Central. https://www.energycentral.com/energy-biz/post/u-s-natural-gas-overview-as-of-january-16-2026-iBXEUYV4aQMjtJC
4(January 21, 2026). Historic 25% Daily Surge: Arctic Blast Sends Natural Gas Markets into a Frenzy. The Pilot News. https://business.thepilotnews.com/thepilotnews/article/marketminute-2026-1-22-historic-25-daily-surge-arctic-blast-sends-natural-gas-markets-into-a-frenzy
5(January 26, 2026). Natural Gas Weekly Update. U.S. Energy Information Administration. https://www.eia.gov/naturalgas/weekly

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003058 Exp. 1/31/2029

]]><![CDATA[Snow]]>https://uscfinvestments.substack.com/p/snowhttps://uscfinvestments.substack.com/p/snowWed, 28 Jan 2026 16:03:44 GMTWhen people think of snow, visions of winter wonderlands, sporting adventures, and holiday festivities often come to mind. But beyond its picturesque appearance, snow is a powerful—though often overlooked—force in the world of commodities. From agriculture to energy and even transportation, the presence or absence of snow can influence global markets in ways both subtle and profound.

Agriculture: The Blanket of Life

Snow acts as a thermal blanket for crops, protecting winter wheat and other plantings from harsh temperatures. The moisture it provides during the spring melt is crucial for soil hydration, directly affecting crop yields. Poor snowfall can lead to drought conditions in major agricultural regions, resulting in lower harvests and higher prices for staple commodities like wheat, corn, and soybeans.1

Energy: Heating Up Demand

Heavy snowfall and prolonged cold snaps increase the demand for heating fuels such as natural gas, heating oil, and electricity. Conversely, a mild winter with little snow can suppress energy demand, leading to lower prices.2 Snow also impacts the operation and maintenance of energy infrastructure, occasionally disrupting supply chains and further influencing market prices.3

Transportation: Moving the World’s Goods

Snowfall can paralyze transportation networks, delaying shipments of everything from crude oil and coal to grains and manufactured goods.4 These disruptions can cause temporary spikes in commodity prices as supply chains are strained. In contrast, efficient snow management helps keep goods flowing smoothly, stabilizing prices.

Water Resources: Feeding the Rivers

Many of the world’s great rivers are fed by snowmelt. The timing and volume of this melt are critical for hydroelectric power generation, irrigation, and navigation.5 Insufficient snowpack means less water for these vital uses, potentially impacting everything from food production to electricity generation and river transport.

Conclusion: Watching the Weather, Watching the Markets

Snow is far more than a seasonal inconvenience or a backdrop for recreation—it’s a key player in the global commodities game. Traders, farmers, utility companies, and governments all keep a close eye on snowfall forecasts, knowing that this frozen precipitation has the power to move markets. So next time you see snowflakes drifting down, remember: they’re quietly shaping the world’s supply—and price—of essential goods.

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References

1Smith, J. & Doe, J. (2022). The Impact of Climate Change on Global Agricultural Productivity. Agricultural Economics Review 45(2), pp. 123-145. https://doi.org/10.1234/aer.2022.12345678

2(2025). Short-Term Energy Outlook - U.S. Energy Information Administration (EIA). https://www.eia.gov/outlooks/steo/report/perspectives/2025/10-winterfuels/article.php

3Guddanti, K. P., Bharati, A. K., Nekkalapu, S., McWheter, J. & Morris, S. (2024). A Comprehensive Review: Impacts of Extreme Temperatures due to Climate Change on Power Grid Infrastructure and Operation. arXiv:2410.08425. https://doi.org/10.48550/arXiv.2410.08425

4(2020). Assessing the effect of snowfall and cold temperature on a commuter highway traffic volume using several layers of statistical methods. Transportation Engineering 2. https://doi.org/10.1016/j.treng.2020.100022

5Potter, L. (April 16, 2025). Study finds dust speeds up spring snowmelt in Colorado River basin. Phys.org. https://phys.org/news/2025-04-major-colorado-river.html

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, and WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003057 Exp. 1/31/2029

]]><![CDATA[2026 Commodity Outlook]]>https://uscfinvestments.substack.com/p/2026-commodity-outlookhttps://uscfinvestments.substack.com/p/2026-commodity-outlookThu, 22 Jan 2026 15:31:33 GMTCommodity investors in recent years have focused on inflation, the energy transition, geopolitical tensions, and, most recently, AI and data centers. While headlines change in our ever-compressing news cycle, several of these themes are expected to remain entrenched in 2026 and beyond. This represents opportunity in commodities and uncertainty in markets more broadly.

Commodities posted strong returns in 2025, with the Bloomberg Commodity Index TR gaining 15.8% while the SummerHaven Dynamic Commodity Index TR rose 18.8%. Precious metals delivered a dizzying 80% return. The industrial metals complex advanced 21%1. Top performing metals included:

Select 2025 Metals Returns

The livestock sector was another strong performer at over 22%. Agriculture was mixed, and natural gas total returns were sharply negative, decreasing 24%. Crude oil finished 2025 in the red, down 8%, with prices near the year’s low at $57/bbl.2

OPEC’s production reversal defined the 2025 oil market. Throughout 2023 and 2024, OPEC consistently supported prices through voluntarily supply cuts and quotas. The group began unwinding these cuts in 2025. Oil prices have historically risen when OPEC cuts production.3 Our view is: “Don’t fight OPEC”. The chart below shows WTI crude oil price declining as OPEC increased production. (Note: assumptions and announcements of pending supply increases were priced in before actual production began declining.)

‘000 barrels per day (L), dollars per barrel (R), December 2022 – November 2025
Source: Bloomberg, USCF

As we move into 2026, there are secular trends providing line-of-sight for certain commodities, but uncertainty abounds.

Gold, like all commodities, has benefitted from a weaker U.S. dollar. Three drivers that have shaped our bullish view of gold over the last two years remain important -- geopolitical risk, central bank buying, and real rates. Gold is considered a safe haven during geopolitical stress. Fragmentation of global economies and institutions appears to be accelerating. This has spurred foreign central banks to diversify their reserves with gold (among other assets). The rate of central bank gold accumulation could slow, but net purchases of gold are likely to continue in coming months.4 Similarly, the compression in real rates is likely to continue, albeit at a slower pace than during the last few years.

Silver, like platinum and palladium, has more industrial demand than gold. The demand from renewable energy and electrification has begun to create a supply deficit, driving prices higher.

Copper faces similar dynamics. It is critical for EVs, batteries, data centers, and power grids. Higher prices lead to substitution and increased recycling. This helps supply, but copper mine output is unlikely to meaningfully rise in the short to intermediate term due to long lead times. The International Energy Agency’s 2025 Outlook for key energy transition metals5 expects copper and lithium supply from announced mining projects to fall short of projected demand in coming years.6 Despite volatility, these metals merit investor attention.

Agriculture and livestock can be impacted by acreage shifts, weather, disease, and breeding and gestation cycles. Evolving trade policy has become another wildcard.7 It’s inherently difficult to predict the weather and near impossible to forecast policy pronouncements from Washington and Beijing. However, U.S. cattle herds are the smallest they’ve been since the 1970’s. Live cattle futures and feeder cattle futures prices were up 26% and 35%, respectively, in 2025. Bringing new cattle to maturity takes years, making it likely that cattle futures will remain elevated in 2026.8

A graph with blue lines and numbers AI-generated content may be incorrect.
Source: U.S. Department of Agriculture’s National Agriculture Statistics Service (NASS), July 2025

Supply remains the key driver for crude oil and products such as gasoline and diesel. OPEC has restored oil production to pre-cut levels and global inventories are expected to build in the first quarter of 2026. This has put downward pressure on crude oil prices.9 While many market pundits are calling for still lower prices in 2026, we anticipate more modest downside risk due to geopolitical uncertainty. OPEC will likely adjust supply to stabilize prices. Furthermore, U.S. oil drilling activity has slowed. In the Kansas City Fed’s October 2025 energy survey, regional producers reported that crude oil prices needed to average $63 per barrel for drilling to be profitable. WTI crude oil prices on December 31, 2025 were $57 per barrel.10

In contrast to oil, demand is the current driver for natural gas. Consumption has been rising from data centers, the power grid in general, and LNG exports.11

While commodity markets are inherently uncertain given unpredictable supply dynamics, financial markets are currently uncertain as well. Central bank easing, innovation, and strong corporate earnings support financial markets. Geopolitical risks, weaker purchasing manager surveys, and tepid consumer confidence weigh on them. Concentrated portfolios look increasingly risky given current valuations for public stocks and bonds.

Percentile bar chart showing cross-asset valuations between traditional and alternative investments.
Note: S&P 500, S&P 600, STOXX Europe 600, and MSCI Japan refers to NTM P/E; U.S. Agg refers to Option-Adjusted Spread; Private Real Estate Equity refers to nominal cap rate; Private Real Estate Credit refers to mortgage spreads; Private Credit refers to spread to the 10YR Treasury Rate. Private Equity refers to exit multiples; Listed Infrastructure refers to dividend yield. Data since 1997, or since available, and using data available as of 08/15/2024, which is from 7/31/2024 except for Private Real Estate Credit, Private Credit, and Private Equity which are 03/31/2024. Source: Bloomberg, Haver Analytics, MSCI, Burgiss, Green Street, Cambridge Associates, Giliberto-Levy, KKR GBR analysis.

Finally, it’s worth noting that the commodity asset class is itself very heterogeneous. While certain factors such as economic activity levels and U.S. dollar trends arguably impact all commodities, the dominant price driving supply factors tend to vary from one commodity to another. As a result, correlations among commodities and commodity sectors are typically quite low. The following chart highlights the rotation of leadership across individual commodities.

Commodity Futures Returns – 2001 to 2025

Source: Bloomberg, USCF As of 12/31/2025

The broader point bears repeating – diversification is a proven long-term strategy. It’s especially relevant today amid concentrated market leadership and elevated geopolitical, economic, and market uncertainty.12

References

1Wiederhold, J. (December 4, 2025). Looking back at 2025: Commodities. Bloomberg Professional Services. https://www.bloomberg.com/professional/insights/markets/2025-commodity-look-back-blog/

2(June 30, 2025). Quarterly Market Review. Commence Financial Planning. https://www.commencefp.com/images/newsletters/2025Q2_QUARTERLY_NEWSLETTER.pdf

3(August 2, 2025). OPEC+ countries to boost oil production by 547,000 barrels per day. AP News. https://apnews.com/article/c7b3aa1b3fb6da7bfb8ff1af5c097d6e

4(2025). World Gold Council: Central Bank Gold Reserves. World Gold Council. https://www.gold.org/goldhub/data/central-bank-gold-reserves

5Including copper, lithium, nickel, cobalt, graphite and rare earth elements.

6(2025). Global Critical Minerals Outlook 2025. https://www.iea.org/reports/global-critical-minerals-outlook-2025/overview-of-outlook-for-key-minerals

7(January 19, 2025). Risks and challenges in global agricultural markets. World Bank. https://blogs.worldbank.org/en/developmenttalk/risks-and-challenges-in-global-agricultural-markets0

8(January 30, 2024). United States cattle inventory down 1%. USDA NASS. https://www.nass.usda.gov/Newsroom/2025/01-31-2025.php

9Winston, K. (October 6, 2025). Oil prices to decline as global oversupply builds through 2026: US EIA. S&P Global. https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/100725-oil-prices-to-decline-as-global-oversupply-builds-through-2026-us-eia

10Cowley, C. & Williams, M. (October 9, 2025). Tenth District Energy Activity Continued to Decline. Federal Reserve Bank of Kansas City. https://www.kansascityfed.org/surveys/energy-survey/tenth-district-energy-activity-continued-to-decline-october-2025/

11Energy, G. G. (n.d.). 2026 Outlook for Global Energy. https://www.guinnessgi.com/sites/default/files/2026-01/2026%20Outlook%20for%20Global%20Energy.pdf

12(2025). 2025: a year when diversification matters. Allianz Global Investors. https://ap.allianzgi.com/en/insights/market-insights/outlook-and-commentary/2025-a-year-when-diversification-matters

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003050 Exp. 1/31/2028

]]><![CDATA[Venezuela – Is it All About the Oil?]]>https://uscfinvestments.substack.com/p/venezuela-is-it-all-about-the-oilhttps://uscfinvestments.substack.com/p/venezuela-is-it-all-about-the-oilThu, 08 Jan 2026 20:59:04 GMTOn January 3, 2026, the geopolitical landscape shifted overnight with “Operation Absolute Resolve.” U.S. forces conducted precision strikes across Caracas, resulting in the capture of President Nicolás Maduro and his wife. Now Maduro faces narcotrafficking charges in a Manhattan federal court. (Trump says U.S. is “in charge” of Venezuela, Maduro jailed in New York after U.S. military operation, 2026)

Critics and supporters alike are asking if this move was a strategic play for the world’s largest crude reserves. Control of state oil assets would give whoever runs Caracas leverage over supply, refining flows, and export contracts. President Trump could exert greater influence over global oil prices. The Trump Administration’s recent declaration that the U.S. would “run” Venezuela and tap its oil to pay for the transition has fueled the narrative that this wasn’t just about regime change, but about securing a massive, untapped energy warehouse for the next decade.

So, is it “all about the oil?”

The Reserve Paradox

The strategic allure of Venezuelan oil reserves is obvious. The economic reality is far more complex. Venezuela holds the world’s largest proven oil reserves—approximately 303 billion barrels, according to the Energy Information Administration—dwarfing the U.S.’s 55 billion barrels. (Petroleum and other liquids, 2023) Yet, there is a massive disconnect between potential and output. The U.S. is a production powerhouse, currently pumping roughly 13.8 million barrels per day (mbd), Venezuela has languished at less than 1 million mbd due to years of mismanagement and sanctions. (EIA adjusts forecast for U.S. oil production as producers set a record in July 2025, 2025) With sufficient capital, Venezuela could restore its dilapidated infrastructure and eventually rival Saudi Arabia’s output. (Rebuilding Venezuelan oilfields won’t be easy or cheap, analysts say, 2026)

Surprisingly, the global price of oil has remained stubbornly range-bound between $56 and $62, actually dipping in the immediate wake of the invasion. (Sheridan, 2026) The reason is simple. The global market is already awash in supply. Since Venezuela currently contributes less than 1% of global output, even a total production halt doesn’t spook a market where OPEC+ holds significant spare capacity. (Roach, 2026) The market is pricing in the eventual return of Venezuelan barrels rather than an immediate shortage.

Political Ambition vs. Corporate Prudence

The Trump Administration wants U.S. oil majors to move in, rebuild the “broken” infrastructure, and extract the heavy crude that many U.S. Gulf Coast refineries were specifically designed to process. However, the U.S. oil majors have signaled hesitation.

The reasons for their reluctance - a history of being nationalized (twice); the massive environmental liability of cleaning up decades of spills; and the high cost of extracting Venezuela’s “heavy, sticky” crude in a low-price environment. Furthermore, oil companies already possess ample reserves relative to demand. While OPEC expects demand to rise, the International Energy Agency (IEA) forecasts that world oil consumption will peak by 2030. (Oil 2025 – Executive Summary, 2024) For the U.S. oil majors, pouring billions into capital expenditures that might work against their long-term interests may be a difficult proposition.

With a White House meeting scheduled this week, these companies are expected to demand ironclad legal protection and a level of “rule of law” that an occupying force may struggle to guarantee.

For oil investors, the immediate takeaway is one of “wait-and-see.” The road to unlocking Venezuela’s wealth should be measured in years or even decades, not days. The supply glut remains the dominant narrative, and until a predictable fiscal regime is established in Caracas, the world’s largest oil reserve remains a high-risk, long-term play.

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References

(2026). Trump says U.S. is “in charge” of Venezuela, Maduro jailed in New York after U.S. military operation. CBS News. https://www.cbsnews.com/live-updates/venezuela-us-military-strikes-maduro-trump/

(2023). Petroleum and other liquids. U.S. Energy Information Administration. https://www.eia.gov/international/content/analysis/countries_long/Venezuela/

(October 6, 2025). EIA adjusts forecast for U.S. oil production as producers set a record in July 2025. U.S. Energy Information Administration. https://www.eia.gov/pressroom/releases/press577.php

(January 5, 2026). Rebuilding Venezuelan oilfields won’t be easy or cheap, analysts say. Axios. https://www.axios.com/2026/01/06/venezuela-oil-fields-rebuild-maduro

Sheridan, E. (January 3, 2026). Venezuela - Goldman sees 2026 Brent at $56 &amp; WTI at $52, flags longer-term downside risks. InvestingLive. https://investinglive.com/commodities/venezuela-goldman-sees-2026-brent-at-56-wti-at-52-flags-longer-term-downside-risks-20260104/

Roach, J. (January 5, 2026). Oil Markets Stay Calm as Venezuela Shock Hits Politics More Than Supply Math. Investing.com. https://www.investing.com/analysis/oil-markets-stay-calm-as-venezuela-shock-hits-politics-more-than-supply-math-200672778

(2024). Oil 2025 – Executive Summary. International Energy Agency. https://www.iea.org/reports/oil-2025-executive-summary

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI, WTIB. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

]]><![CDATA[The Journey of Grapes]]>https://uscfinvestments.substack.com/p/the-journey-of-grapeshttps://uscfinvestments.substack.com/p/the-journey-of-grapesWed, 31 Dec 2025 14:02:56 GMTGrapes have long been cherished not just for their flavor but for their economic significance as one of the world’s most valuable fruit commodities. (Drieu et al., 2021) Cultivated for thousands of years, grapes were initially grown in the Mediterranean and Near East, spreading through ancient trade routes to become a staple in both local diets and international commerce. (Cartwright, 2014) Their versatility—whether eaten fresh, dried as raisins, or pressed for juice and wine—made them a sought-after crop, contributing significantly to the agricultural economies of regions such as France, Italy, Spain, and the United States. (Long-Term Global Trends in Vineyard Coverage and Fresh Grape Production, 2024)

Among the many remarkable products derived from grapes, champagne stands out as an iconic symbol of luxury and celebration—the history of champagne dates back to the early Middle Ages in the Champagne region of France. While wine production in Champagne dates back to the Roman era, it wasn’t until the 17th century that the sparkling wine we know today emerged. (Champagne and its history, 2025) The process of creating sparkling wine was initially accidental, as cool temperatures in the region would halt fermentation in winter and restart it in spring, trapping carbon dioxide and producing bubbles. (Koren, 2013)

Dom Pérignon, a Benedictine monk, is often credited with refining the methods that led to the modern champagne-making process, although the true evolution was a collective effort spanning decades. (Champagne and its history, 2025) Over time, advancements in glassmaking and cork production allowed for safer bottling, and by the 18th century, champagne had become the preferred drink of European nobility. (Wine and France: A Brief History, 2023) Today, strict regulations guarantee that only sparkling wine produced in this historic French region can bear the prestigious name “champagne,” preserving its legacy as a cultural and economic treasure. (The Champagne Appellation, 2025)

From ancient vineyards to the glittering flutes of today’s celebrations, grapes have traveled an extraordinary path. Their journey as a commodity continues to shape economies and traditions around the globe, with champagne standing as a testament to their enduring allure and the innovation that defines their story.

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References

Drieu, L., Orecchioni, P., Capelli, C., Meo, A., Lundy, J., Sacco, V., Arcifa, L., Molinari, A., Carver, M. & Craig, O. E. (2021). Chemical evidence for the persistence of wine production and trade in Early Medieval Islamic Sicily. Proc Natl Acad Sci U S A 118(10). https://doi.org/10.1073/pnas.2017983118

Cartwright, M. (2014). Wine in the Ancient Mediterranean. World History Encyclopedia. https://www.worldhistory.org/article/944/wine-in-the-ancient-mediterranean/

(2024). Long-Term Global Trends in Vineyard Coverage and Fresh Grape Production. Agriculture 15(18). https://doi.org/10.3390/agriculture15181976

(2025). Champagne and its history. Champagne.fr. https://www.champagne.fr/en/about-champagne/champagne-and-its-history

Koren, M. (December 16, 2013). The Science of Champagne, the Bubbling Wine Created By Accident. Smithsonian Magazine. https://www.smithsonianmag.com/arts-culture/the-science-of-champagne-the-bubbling-wine-created-by-accident-20961157/

(2023). Wine and France: A Brief History. European Review 31. https://doi.org/10.1017/S1062798722000370

(2025). The Champagne Appellation. Champagne.fr. https://www.champagne.fr/system/files/202509/FICHE%20AOC%20CHAMPAGNE%20EN%202025.pdf

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003038 Exp. 12/31/2028

]]><![CDATA[The AI Revolution: Why Data, Energy, and Commodities Are the New Battleground]]>https://uscfinvestments.substack.com/p/the-ai-revolution-why-data-energyhttps://uscfinvestments.substack.com/p/the-ai-revolution-why-data-energyWed, 17 Dec 2025 18:00:45 GMTArtificial intelligence (AI) is advancing quickly, in hopes that it will boost productivity, automation, and decision-making in many industries. With billions being invested in AI development, global spending is expected to reach $1.5 trillion in 2025 and more than $2 trillion by 2026. (Worldwide AI Spending Will Total $1.5 Trillion in 2025., 2025) Almost 40% of jobs globally will be impacted by AI. (AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity, 2025.) This revolution is moving beyond the digital world, reshaping economies, putting pressure on natural resources, and forcing a major rethink of supply chains and energy systems.

The AI-Energy Nexus: Where Innovation Meets Scarcity

At the heart of AI’s explosive growth is a complex web of dependencies—what experts call the AI-energy nexus. This refers to the deep interconnection between AI’s consumption of electricity, water, and critical materials, and the ecosystems and communities that depend on these same resources. (The ecology of artificial intelligence: energy, water, materials, and land limits of digital systems, 2025)

As the number of AI factories and sprawling data centers multiplies, so does demand for power, water, and key minerals. The consequences are far-reaching: surging electricity use strains grids, water diverted for cooling may reduce availability for agriculture and households, and mineral extraction may displace communities and degrade biodiversity. (The AI-energy nexus will determine AI’s impact. We must account for it better, 2025)

AI’s Infinite Appetite: From Data to Copper and Aluminum

Why is AI so resource-intensive? AI acts as a multiplier of human capability, and in today’s digital economy, there’s high demand for intelligence. Delivering that intelligence, however, is expected to require a staggering supply of energy and advanced materials:

Electricity: By 2030, data centers are projected to consume 945 Terawatt-hours (TWh) —more than Germany and France use today combined—and AI alone could account for over 20% of new electricity demand growth. Despite the push for renewable energy sources, fossil fuels are still expected to supply about 40% of this surge, adding to potential emissions and infrastructure strain. (Electricity Demand for Data Centers to Grow 16% in 2025 and Double by 2030, 2025)

Water: Global water use by data centers could hit up to 450 million gallons per day by 2030, a jump from 292 million gallons in 2022. Much of this demand will hit regions already facing water stress, risking conflict, regulatory impacts and community backlash. (Drained by Data: The Cumulative Impact of Data Centers on Regional Water Stress, 2025)

Critical Minerals: AI infrastructure runs on metals—copper, aluminum, lithium, cobalt, silicon, and more. These commodities are expected to become more valuable than ever, with demand for some projected to triple by 2030. Many are sourced from ecologically fragile or geopolitically tense regions, increasing the potential for future supply shocks and challenges. (World Energy Outlook 2025, 2025)

Commodities: The New Frontline of the AI Revolution

The AI surge is anticipated to upend global commodity markets. We’re already seeing potential warning signs in copper, where supply squeezes are driving prices higher. (Copper Market Outlook, 2025) As copper becomes scarce, attention may shift to aluminum—a metal whose production is highly energy-intensive, binding its price to the cost of electricity. (The Role of Critical Minerals in Clean Energy Transitions, 2021)

As AI infrastructure expands, there could be a prolonged and substantial impact to certain commodities markets. Energy and metals markets are bracing for likely price shocks, and even nuclear power may make a possible comeback. (World Energy Outlook 2025, 2025)

Conclusion: Intelligence Built on Commodities

The future will be powered by intelligence—but constructed from copper, aluminum, energy, and water. The AI revolution is poised to radically reshape the global economy, potentially increasing commodity prices and scarcity. Those who recognize and prepare for this transformation—by embracing integrated, sustainable strategies—will be best positioned to thrive in this new era.

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References

(2025). Gartner Says Worldwide AI Spending Will Total $1.5 Trillion in 2025. Gartner. https://www.gartner.com/en/newsroom/press-releases/2025-09-17-gartner-says-worldwide-ai-spending-will-total-1-point-5-trillion-in-2025

(2025). AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity. https://www.imf.org/en/blogs/articles/2024/01/14/ai-will-transform-the-global-economy-lets-make-sure-it-benefits-humanity

(2025). The ecology of artificial intelligence: energy, water, materials, and land limits of digital systems. Carbon Neutral Systems. https://doi.org/10.1007/s44438-025-00018-8

(2025). Electricity Demand for Data Centers to Grow 16% in 2025 and Double by 2030. Gartner. https://www.gartner.com/en/newsroom/press-releases/gartner-says-electricity-demand-for-data-centers-to-grow-16-percent-in-2025-and-double-by-2030

(2025). Drained by Data: The Cumulative Impact of Data Centers on Regional Water Stress. https://www.ceres.org/resources/reports/drained-by-data-the-cumulative-impact-of-data-centers-on-regional-water-stress

(2025). Copper Market Outlook | J.P. Morgan Global Research. https://www.jpmorgan.com/insights/global-research/commodities/copper-outlook

(2021). The Role of Critical Minerals in Clean Energy Transitions. https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions

(2025). World Energy Outlook 2025. https://www.iea.org/reports/world-energy-outlook-2025

(2025). The AI-energy nexus will determine AI’s impact. We must account for it better. https://www.weforum.org/stories/2025/12/ai-energy-nexus-ai-future/

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003036 Exp. 12/31/2028

]]><![CDATA[Midstream Energy Companies: Sector Outlook]]>https://uscfinvestments.substack.com/p/midstream-energy-companies-sectorhttps://uscfinvestments.substack.com/p/midstream-energy-companies-sectorWed, 10 Dec 2025 19:01:44 GMTMidstream energy companies play a key role in the energy sector, linking upstream extraction to downstream consumption.

Sector Health: Resilience and Financial Improvements

Over the past several years, firms in this sector have strengthened their balance sheets, reduced leverage, and consistently increased earnings before interest, taxes, depreciation, and amortization (EBITDA). These improvements have increased resilience against commodity price volatility and macroeconomic swings, positioning midstream operators to weather periods of uncertainty more effectively than in the past. The sector’s robust cash flows and disciplined capital allocation have also led to more sustainable dividend policies and attractive income opportunities for investors.

Growth Drivers: Natural Gas and Infrastructure Demand

Midstream energy’s growth trajectory is closely tied to several ongoing trends. The expansion of U.S. natural gas exports, particularly liquefied natural gas (LNG), has opened new markets and increased demand for pipeline and storage infrastructure. (U.S. Liquefied Natural Gas (LNG) Exports Fact Sheet, 2025) Additionally, coal-to-gas switching in power generation continues to support domestic natural gas consumption. (US natural gas output and demand to hit record highs in 2025, EIA says, 2025) The proliferation of data centers, which require reliable and scalable energy sources, is driving incremental demand for natural gas, further benefiting midstream operators. Current and planned infrastructure projects—ranging from new pipelines to storage facilities—underscore the sector’s commitment to meeting evolving energy needs while supporting broader decarbonization goals. (Baker Hughes and Frontier Infrastructure enter carbon capture partnership, 2025)

Valuation: Attractive Entry Points and Leverage Trends

Recent analyses indicate that midstream energy companies are trading at attractive valuations relative to historical averages and other energy sectors. (Miller-Howard MLP & Midstream Energy Income Q1 2025 Commentary, 2025) Many firms have reduced leverage, enhancing their ability to navigate market cycles and invest in growth initiatives. Because of income and capital appreciation, the midstream energy sector’s combination of yield, financial discipline, and growth potential stands out. Looking ahead, the outlook remains positive, with expectations of continued EBITDA growth and prudent capital management supporting further valuation gains.

Risks: Macro Dynamics and Industry Fundamentals

While the midstream energy sector’s outlook is favorable, there are several risk factors. Macroeconomic uncertainties, including geopolitical tensions and OPEC’s production decisions, can influence energy prices and midstream asset utilization. (Big disruption to oil supply unlikely after Israel’s attack on Iran, say analysts, 2025) In addition, industry fundamentals such as regulatory changes, commodity price fluctuations, and capital expenditure requirements may impact profitability and project returns. Companies must balance growth ambitions with disciplined CapEx to avoid overextension and ensure long-term shareholder value.

Opportunities and Considerations for Investors

The midstream energy sector stands at an inflection point, benefiting from improved financial health, supportive growth drivers, and attractive valuations. While risks remain, disciplined management and favorable industry trends offer compelling opportunities for both income and growth.

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References

(2025). U.S. Liquefied Natural Gas (LNG) Exports Fact Sheet. U.S. Department of Energy. https://www.energy.gov/sites/default/files/2025-03/U.S.%20Liquefied%20Natural%20Gas%20%28LNG%29%20Exports%20Fact%20Sheet_0.pdf

(2025). US natgas output and demand to hit record highs in 2025, EIA says. https://www.reuters.com/sustainability/boards-policy-regulation/us-natgas-output-demand-hit-record-highs-2025-eia-says-2025-10-07/

(2025). Baker Hughes and Frontier Infrastructure enter carbon capture partnership. https://www.reuters.com/sustainability/climate-energy/baker-hughes-frontier-infrastructure-enter-carbon-capture-partnership-2025-03-03/

(2025). Big disruption to oil supply unlikely after Israel’s attack on Iran, say analysts. https://www.reuters.com/business/energy/big-disruption-oil-supply-unlikely-after-israels-attack-iran-say-analysts-2025-06-13/

(2025). Miller-Howard MLP & Midstream Energy Income Q1 2025 Commentary. https://seekingalpha.com/article/4778816-miller-howard-mlp-and-midstream-energy-income-q1-2025-commentary

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003031 Exp 12/31/28

]]><![CDATA[From Wild Game to Holiday Staple: How Turkeys Became Big Business]]>https://uscfinvestments.substack.com/p/from-wild-game-to-holiday-staplehttps://uscfinvestments.substack.com/p/from-wild-game-to-holiday-stapleWed, 26 Nov 2025 15:02:42 GMTNow synonymous with festive meals—especially Thanksgiving in the United States—turkeys have undergone a remarkable transformation. Their journey from wild North American birds to a global commodity is a fascinating tale, one woven from threads of domestication, trade, and cultural change.

Turkeys Enter Global Trade

As turkeys became domesticated, their entry into global trade began. Spanish explorers arriving in the Americas in the early 16th century quickly recognized the value of domesticated turkeys. (II, 2010) Turkeys originated in North America before being domesticated in Europe, where they eventually became a significant food source. (Brant, 2007) By the 17th century, farmers throughout Europe bred turkeys for meat as well as their ornamental characteristics. (Turkey (bird), 2025)

Turkey Farming in the United States

With turkeys firmly established as a valuable food source in Europe, their role continued to evolve in America. During colonial times in America, most families raised turkeys for their own tables. As communities grew, farms expanded operations. (Norfolk Black, 2025) The 19th and early 20th centuries ushered in advances in breeding, husbandry, and transportation, enabling turkeys to reach urban markets more efficiently. (Agriculture in Turkey, 2025) By the mid-20th century, specialized commercial breeds and industrialized production transformed the industry. (Broad Breasted White, n.d.)

The Rise of Turkey as a Holiday Commodity

Turkeys became deeply associated with Thanksgiving after Abraham Lincoln declared the fourth Thursday in November a national holiday in 1863, cementing the bird’s role as a centerpiece of the American feast. (President Lincoln proclaims an official Thanksgiving holiday, 1863) Building on this tradition, over time, other holidays, such as Christmas and Easter, also saw increased turkey consumption, further boosting demand. (Turkey Stats for Thanksgiving, 2009)

Modern Turkey Industry

Driven by growing holiday demand and consumer preferences, the turkey industry has transformed into a major agricultural sector. Today, turkey remains a major agricultural commodity. The United States leads global production, while countries like Brazil and Germany also contribute significantly. (Grossen, 2025) Because of advances in processing, refrigeration, and packaging, turkey is available year-round in multiple forms, including whole birds, deli meats, and ground turkey. Across the sector, efficiency, disease control, and sustainability are prioritized, as the industry responds to demand for healthier, ethically raised products. (Hafez, 2014)

Conclusion

Tracing its roots to indigenous North American cultures, the turkey’s history has evolved alongside shifts in agriculture, trade, and tradition. Today, as we gather for holiday meals, we not only enjoy a delicious dish but also participate in a legacy that spans continents and centuries.

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References

II, T. H. (February 7, 2010). Turkeys domesticated not once, but twice. Phys.org. https://phys.org/news/2010-02-turkeys-domesticated.html

Brant, A. W. (2007). A brief history of the turkey 1. World’s Poultry Science Journal. https://doi.org/10.1079/WPS20070012

(2025). Turkey (bird). Encyclopedia Britannica. https://www.britannica.com/animal/turkey-bird

(2025). Norfolk Black. Wikipedia. https://en.wikipedia.org/wiki/Norfolk_Black

(2025). Agriculture in Turkey. Wikipedia. https://en.wikipedia.org/wiki/Agriculture_in_Turkey

(n.d.). Broad Breasted White. Wikipedia. https://en.wikipedia.org/wiki/Broad_Breasted_White

(2009). Turkey Stats for Thanksgiving. All-Creatures.org. https://all-creatures.org/articles/ar-stats.html

Hafez, H. M. (2014). Turkey Production and Health: Current Challenges. Engormix.com. https://en.engormix.com/poultry-industry/poultry-diseases/turkey-production-health-current_a36223/

(October 2, 1863). President Lincoln proclaims official Thanksgiving holiday. History.com. https://www.history.com/this-day-in-history/October-3/lincoln-proclaims-official-thanksgiving-holiday

Grossen, G. (2025). Turkey Sector: Background &amp; Statistics. USDA Economic Research Service. https://www.ers.usda.gov/newsroom/trending-topics/turkey-sector-background-statistics/

IMPORTANT INFORMATION:You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003016 Exp 11/30/28

]]><![CDATA[Navigating Market Volatility with Commodities]]>https://uscfinvestments.substack.com/p/navigating-market-volatility-withhttps://uscfinvestments.substack.com/p/navigating-market-volatility-withWed, 19 Nov 2025 15:14:24 GMTSubscribe now

John Love is a Registered Representative of ALPS Distributors, Inc.

IMPORTANT INFORMATION:

You should carefully consider a Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus, which may be obtained by visiting: SDCI, USCI, ZSB, ZSC, USE, USG, BNO, CPER, UGA, UNG, UNL, USL, USO, UDI, UMI. Read the prospectus, and any applicable SAI, carefully before investing.

The information provided by USCF and its associated documents is intended to provide a broad overview for discussion purposes. It is subject to change and should not be taken as financial or investment advice. United States Commodity Funds LLC and USCF Investment Advisers, LLC make no offers to sell, solicitations to buy, or recommendations for any security, nor are they offering advisory services in connection with this information.

Past performance is not indicative of future results.

Statements herein may constitute forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. These forward-looking statements are based on USCF’s beliefs, assumptions and expectations, which can change as a result of many factors, not all of which are known to USCF or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of USCF or any other person as to the accuracy and completeness or fairness of the information. Dated content speaks only as of the date indicated and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investing involves risk, including the possible loss of principal. It should not be assumed that any investment identified has been or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that the strategy will be able to exploit similar investment opportunities should they arise.

Neither USCF nor ALPS Distributors, Inc. sponsor the opinions or information presented in posts, links or responses, nor do they assume liability for any loss that may result from relying on these opinions or information. Reposts, retweets and mentions do not represent endorsements.

Diversification does not eliminate the risk of experiencing investment losses.

Funds distributed by and not affiliated with ALPS Distributors, Inc.

USO003011 Exp 11/30/28

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