Form 8-K

8-K — United States Natural Gas Fund, LP

Accession: 0002071876-26-000249

Filed: 2026-10-15

Period: 2026-10-15

CIK: 0001376227

SIC: 6221 ()

Item: Entry into a Material Definitive Agreement

Item: Financial Statements and Exhibits

Documents

8-K — i26416_ung-8k.htm (Primary)

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date

of Report (Date of earliest event reported): October

15, 2026

UNITED

STATES NATURAL GAS FUND, LP

(Exact

name of registrant as specified in its charter)

Delaware

001-33096

20-5576760

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S.

Employer

Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(Address of principal executive offices) (Zip Code)

(510) 522-9600

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant

to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered:

Shares of United States

Natural Gas Fund, LP

UNG

NYSE Arca, Inc.

Item 1.01 Entry into a Material Definitive Agreement.

As of October 13, 2026, United States

Natural Gas Fund, LP (the “Registrant”) amended the International Swaps and Derivatives Association, Inc.

(“ISDA”) 2002 Master Agreement (the “Agreement”) that it has in place with Société

Générale S.A., which it entered into on June 13, 2022. The amendment reduces the “Total Net Assets

(“TNA”) Decline Event” Additional Termination Event in the Agreement that applies with respect to the Registrant

(the “TNA ATE”) from $1.5 billion to $200,000,000. The reduced TNA reflects the performance of the Registrant and is

intended to ensure that the TNA ATE is not triggered absent a credit event having occurred in respect of the Registrant.

The foregoing description of the amendment to the Agreement is qualified in its entirety by reference to the full text of the Agreement, which

is attached hereto as Exhibit 10.16 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

Exhibit No.

Description

10.16

Amendment to ISDA 2002 Master Agreement, dated as of June 13, 2022, by and between United States Natural Gas Fund LP and Société Générale

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED STATES NATURAL GAS FUND,

By:

United States Commodity Funds LLC, its

general partner

Date:

October 15, 2026

By:

/s/ John P. Love

Name:

John P. Love

Title:

President and Chief Executive Officer, and Management Director

EX-10.16

Filename: i26416_ex10-16.htm · Sequence: 2

Exhibit 10.16

Execution Copy

AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT (the

“Amendment”) dated as of October 13, 2026 to the ISDA Master Agreement, dated as of June 13, 2022 between SOCIÉTÉ

GÉNÉRALE (“Party A”) and each entity listed on Appendix I to the Schedule thereto, severally and not jointly

(each such entity, “Party B”) (the “Master Agreement”). The Master Agreement includes the Schedule, the ISDA Credit

Support Annex and all Confirmations exchanged between the parties confirming the Transactions (or Swap Transactions) thereunder. In consideration

of the agreements, and provisions herein contained and in reliance on the representations contained herein, the parties have now agreed

to amend the Master Agreement by this Amendment.

WITNESSETH

WHEREAS, Party A and Party B wish

to amend the Master Agreement and to have the Master Agreement, as amended herein, govern the rights and obligations of Party A and Party

B with respect to each and every Transaction which is (a) outstanding on the date hereof, and (b) entered into on or after the date hereof.

NOW, THEREFORE, in consideration

of the mutual agreements herein contained, Party A and Party B hereby acknowledge and agree as follows:

1. Certain Definitions. Unless otherwise defined herein, capitalized

terms used herein have the meanings specified in or pursuant to the Master Agreement.

2. Amendments.

(a) Part 1(h)(1) of the Schedule is hereby deleted in its entirety and replaced

with the following:

“(1) “Total Net Assets (“TNA”)

Decline Event” means, with respect to any Party B, that the TNA of such Party B as of any date is less than (i) US$200,000,000,

in the case of United States Natural Gas Fund, L.P., or (ii) US$1.5 billion, in the case of any other Party B.

“Total Net Assets” or “TNA”

means, as used with respect to Party B, the total assets minus the total liabilities of Party B, as indicated on Party B's website or

in any communication from Party B to Party A, or from Party B to any of its investors, which statement of TNA shall be prepared in accordance

with generally accepted accounting principles in the United States of America for balance sheet purposes.”

3. Ratification of the Master Agreement. Except as specifically amended

hereby, all of the terms and conditions of the Master Agreement shall continue to be in full force and effect and shall be binding upon

the parties in accordance with their respective terms.

4. Effectiveness.

(a) This Amendment shall become effective as of the date first written above.

(b) The execution, delivery and effectiveness of this Amendment shall not, except

as expressly provided herein, constitute a waiver of any provision of the Master Agreement or the Credit Support Annex.

Execution Copy

5. Representations. Each of the parties hereby represents and warrants

that:

(a) the representations and warranties contained in the Master Agreement are

true on and as of the date hereof as if made by the party on and as of said date, and

(b) the execution, delivery and performance of this Amendment are within the

party’s organizational power and have been duly authorized by all necessary organizational action, and this Amendment constitutes

the legal, valid and binding obligation of the party and is enforceable against such party in accordance with its terms.

6. Entire Agreement. This Amendment constitutes the entire agreement

and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as

otherwise provided herein) with respect thereto.

7. Counterparts. This Amendment may be executed in any number of counterparts

and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all

of which shall together constitute one and the same instrument.

8. Heading. The headings used in this Amendment are for convenience

of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment.

9. Governing Law. This Amendment shall be governed by, and construed

in accordance with the laws of the State of New York (without reference to choice of law doctrine).

10. Waiver of Jury Trial. The parties hereby waive the right to trial

by jury in any judicial proceedings to which they are both parties involving any matter in any way arising out of, related to, or connected

with this Amendment.

IN WITNESS WHEREOF, the parties

have caused this Amendment to be executed by their respective officers or authorized representatives as of the day and year first above

written.

Party A

Party B

SOCIETE GENERALE

EACH ENTITY LISTED ON APPENDIX I TO

THE SCHEDULE THERETO, SEVERALLY

AND NOT JOINTLY

By:

/s/ Roberto Peralta

By: United States Commodity Funds LLC, its General Partner

/s/ John P. Love

Name:

Roberto Peralta

Name:

John P. Love

Title:

Director

Title:

President and CEO

Date:

October 14, 2026

Date:

October 13, 2026

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UNITED

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Entity Tax Identification Number

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Entity Incorporation, State or Country Code

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Entity Address, Address Line Two

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