United States Natural Gas Fund, LP (UNG)

Distributing

Strong institutional distribution: ownership decreased -11.93% quarter-over-quarter.

Data as of Q1 2026

Institutional Ownership

36.09%

QoQ Change

-11.93%

Total Value

$207.7B

Shares Outstanding

50.1M

Crowding AnalysisCrowded

Holders101of 5,944

Avg: 68

Uncrowded87th percentileCrowded

Institutional Activity

Buy/Sell Ratio1.08x

68th percentile

53 buying49 selling

+24

New

-24

Closed

-5,316,393

Net shares

Holding Period Distribution

estimate

Median: 2 QAvg: 2.5 QHolders: 101

Ownership Concentration

Top 5: 77.1%Top 10: 86.4%

SUSQUEHANNA INTERNATIONAL GROUP, LLP37.7%

CITADEL ADVISORS17.6%

JANE STREET GROUP,11.5%

GOLDMAN SACHS GROUP5.5%

Jump Financial,4.7%

Others (96)22.9%

Loading crowding analysis...

Conviction-Weighted Ownership

Median weight: 0.00%Avg weight: 0.04%Max: 0.26%High conviction (>1%): 0

SUSQUEHANNA INTERNATIONAL GROUP, LLP

WELLS FARGO & COMPANY/MN

BlueCrest Capital Management

JPMORGAN CHASE &

Jefferies Financial Group

LPL Financial

Loading conviction analysis...

Whale Moves Timeline (8 Quarters)

Biggest dollar-value position changes among top 10 holders

SOLDSUSQUEHANNA INTERNATIONAL GROUP, LLP$84M7.2M shr

NEWJump Financial$10M856K shr

BOUGHTJANE STREET GROUP$10M846K shr

BOUGHTGOLDMAN SACHS GROUP$5M458K shr

NEWBlueCrest Capital Management$4M375K shr

BOUGHTSUSQUEHANNA INTERNATIONAL GROUP, LLP$46M3.8M shr

BOUGHTCITADEL ADVISORS$17M1.4M shr

NEWMORGAN STANLEY$8M659K shr

NEWArkadios Wealth Advisors$6M526K shr

SOLDGOLDMAN SACHS GROUP$5M400K shr

Loading whale moves...

Institutional Trends (8 Quarters)

Loading ownership trends...

Institutional Holders

Loading top holders...