##  [# Commodities In Review: January 2019](/sections/etf-report-departments/commodities-review-january-2019) 

 

# Commodities In Review: January 2019

 

 

Commodities had a rough time during November.



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Jan 01, 2019

 Edited by: Heather Bell

 

 

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November was a pretty dismal month for commodity ETFs. Although very few funds had positive returns, the [United States Natural Gas Fund LP (UNG)](/UNG) had a rather outsized month, rising nearly 40%. It was followed quite distantly by the [Aberdeen Standard Physical Palladium Shares (PALL)](/PALL), which was up 8.83%, and the [iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC)](/JJC), up 4.66%. The worst performers were in the energy commodity sector, with the [United States Oil Fund LP (USO)](/USO) losing 22.19%, the [United States Gasoline Fund LP (UGA)](/UGA) losing 19.27% and the [Invesco DB Energy Fund (DBE)](/DBE) losing 17.63%. Flows were fairly muted, with USO pulling in the most, at $363.3 million, followed by the [SPDR Gold Trust (GLD)](/GLD), which gained $307.3 million and the [iShares S&amp;P GSCI Commodity Indexed Trust (GSG)](/GSG), which gained $63 million. The [Invesco DB Commodity Index Tracking Fund (DBC)](/DBC) lost $269 million, and the [United States Natural Gas Fund LP (UNG)](/UNG) and the [Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)](/PDBC) lost $149.3 million and $146.5 million, respectively.

![](/sites/default/files/images/Magazines/ETF%20Report/2019/01/CommoditiesJanuaryFig1.jpg)

![](/sites/default/files/images/Magazines/ETF%20Report/2019/01/CommoditiesJanuaryFig2.jpg)![](/sites/default/files/images/Magazines/ETF%20Report/2019/01/CommoditiesJanuaryFig3.jpg)

*Source: Bloomberg. Data from 10/31/2018 to 11/30/2018. ETFs chosen to represent each sector based on the most liquid ETF in each segment of the ETF.com ETF Classification System.*





 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


 Related Topics  [Commodities](http://www.etf.com/topics/commodities) 

 [Aberdeen Asset Management](http://www.etf.com/topics/aberdeen-asset-management) 

 [Active Management](http://www.etf.com/topics/active-management) 

 [Blackrock](http://www.etf.com/topics/blackrock)