United States Natural Gas Fund
UNG
78 hedge funds and large institutions have $168M invested in United States Natural Gas Fund in 2025 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 12 increasing their positions, 26 reducing their positions, and 24 closing their positions.
128% more call options, than puts
Call options by funds: $123M | Put options by funds: $54M
64% more capital invested
Capital invested by funds: $102M → $168M (+$65.9M)
26.51% more ownership
Funds ownership: 12.17% → 38.68% (+27%)
9% less funds holding
Funds holding: 86 → 78 (-8)
25% less first-time investments, than exits
New positions opened: 18 | Existing positions closed: 24
54% less repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 26
Top Buyers
| 1 |
BNP Paribas Financial Markets
Paris,
France
|
+$31.7M |
| 2 |
Goldman Sachs
New York
|
+$27.6M |
| 3 |
Morgan Stanley
New York
|
+$19.9M |
| 4 |
JF
Jump Financial
Chicago,
Illinois
|
+$10.4M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$5.71M |
Top Sellers
| 1 |
Jane Street
New York
|
-$27.3M |
| 2 |
SG
Sourcerock Group
Denver,
Colorado
|
-$10.4M |
| 3 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
-$5.53M |
| 4 |
Bank of America
Charlotte,
North Carolina
|
-$4.81M |
| 5 |
CWM
Centric Wealth Management
Chicago,
Illinois
|
-$3.61M |
UNG Hedge Fund Activity: Q1 2025 in Review
78 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in United States Natural Gas Fund (UNG) for Q1 2025, worth a combined $168M — up 64% from $102M a quarter earlier.
Sellers outnumbered buyers: 24 funds closed out of UNG and 18 opened new positions — a net loss of 6 holders — while 26 trimmed existing stakes and 12 added.
The largest buyer was BNP Paribas Financial Markets, adding an estimated $31.7M. The largest seller was Jane Street, cutting an estimated $27.3M.
- 78 institutional investors held United States Natural Gas Fund (UNG) as of Q1 2025, down from 86 in Q4 2024.
- Funds reported $168M of United States Natural Gas Fund stock for Q1 2025, up 64% quarter-over-quarter.
- 18 funds opened new United States Natural Gas Fund positions in Q1 2025 and 24 closed out, a net change of -6 holders.
- The largest United States Natural Gas Fund buyer in Q1 2025 was BNP Paribas Financial Markets, an estimated $31.7M added.
- The largest United States Natural Gas Fund seller in Q1 2025 was Jane Street, an estimated $27.3M sold.
Based on aggregated 13F filings for Q1 2025.