Company: DBE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027264
Chunk: 133

Company: Invesco DB Energy Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 133
---
 December 31, 2023, the NYSE Arca market value of each Share decreased from $22.65 per Share to $19.19

per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $18.57 per Share (-18.01%) on May 3, 2023, and a high of $24.26 per Share (+7.11%) on September 14, 2023. On December 22, 2023, the Fund paid a distribution of $0.74176 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a market value basis was -12.11%.

Energy commodities posted sharp negative returns in 2023; while all Fund commodities were detractors, natural gas and NY Harbor Ultra Low Sulfur Diesel (ULSD) were the worst performing. In the first quarter, US natural gas prices went into freefall, pressured by persistently warm temperatures in both the US and Europe. While prices did recover in the second and third quarter on hotter-than-expected weather forecasts and a broad energy rally, gains were reversed in the fourth quarter, leaving natural gas prices down over 35% to end the year. Diesel prices fell in the first quarter with Europe boosting imports of Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter, and while prices recovered significantly in the third quarter, those gains were completely erased in the last quarter, leaving front month prices down nearly 18%. Crude oil prices had also plunged sharply in the first half of the year as macro recession concerns remained top of mind and China’s recovery continued to disappoint. However, crude oil prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit and demand outperformed expectations. Macro sentiment also improved amid US economic resilience and ending Federal Reserve tightening, supporting broader risk appetite. However, like with natural gas and diesel, crude oil gains were erased in the fourth quarter. 

Fund Share Net Asset Performance

For the year ended December 31, 2024, the NAV of each Share decreased from $19.19 per Share to $18.52 per Share. Falling commodity futures contract prices for Natural Gas and Ultra-Low Sulph