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Published: Wednesday September 23, 2009 MYT 7:34:00 AM
Oil prices up as US$ lowest level against euro in year
NEW YORK: Oil prices bounced back above US$71 on Tuesday as the dollar fell to its lowest level against the euro in more than a year.
Benchmark crude for October delivery rose $1.84 to settle at $71.55 a barrel on the New York Mercantile Exchange.
With the October contract expiring Tuesday, traders focused on the November contract, which added $1.83 a barrel to settle at $71.76.
The euro hit $1.4821 Tuesday, its highest level since September 2008.
Crude is priced in dollars so it becomes cheaper when the dollar falls.
Some investors also use commodities such as oil and gold as a hedge against inflation and dollar weakness.
The weaker dollar also pushed prices higher for gasoline, heating oil, gold and other commodities.
"If the dollar continues to get pummeled like this it will be a threat to the economic recovery," PFGBest analyst Phil Flynn said, warning of higher energy and food costs.
To combat the worst recession since the 1930s, Federal Reserve policy makers have kept interest rates at a record low - near zero - and started an assortment of programs designed to encourage borrowing.
Critics have complained that the Fed appears to be printing money to pay for the government's spending binge, and that hurts the dollar.
The Fed is expected to keep interest rates low at its meeting this week.
And to avoid unleashing inflation later, policymakers are likely to consider ways to rein in programs designed to keep mortgage rates down and get banks to lend more freely.
"I don't think the Fed can be complacent as the dollar continues to get hit," Flynn said.
Demand for gasoline for the week ended Friday jumped 4.2 percent from a year ago when Hurricane Ike disrupted the supply of fuel along the Gulf of Mexico and the Southeast, according to a MasterCard SpendingPulse weekly report.
Still, consumption remains weak with high unemployment and the economy pushing down demand for gasoline to levels that go back to 2004 and 2005, said Michael McNamara, vice president of SpendingPulse.
The report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check.
Investors are also awaiting the release of the government's weekly petroleum inventory report on Wednesday.
Most analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., think crude oil stocks declined in the week ended Friday, while supplies of gasoline and distillates used to make heating oil and diesel fuel rose.
In other Nymex trading, gasoline rose 3.02 cents to settle at $1.7816 a gallon and heating oil climbed 6.04 cents to settle at $1.8121.
Natural gas added 3.3 cents to settle at $3.576 per 1,000 cubic feet.
In London, Brent crude rose $1.84 to settle at $70.53 on the ICE Futures exchange. - AP
Crude oil price to climb by year-end
Written by Joseph Chin
Wednesday, 23 September 2009 14:57
KUALA LUMPUR: ECM Libra Research sees light crude oil price climbing by year-end and it is maintaining an overweight on the oil and gas (O&G) sector.
It said on Sept 23 oil prices had rebounded on news US supplies were on the decline and also due to a weakness in the US dollar. China would also continue with purchases and acquisitions and its net crude oil imports in August were second only to the record 19.2 million tons in July.
OPEC had also said world oil demand would decline slightly this year but start to grow again next year.
"With these positive sentiments surrounding crude oil and keen expectations of demand returning in 4Q, we should be seeing steadily higher crude prices towards the end of the year, we believe," it said.
ECM Libra also said global news included Petrobras freezing overseas investments to focus on its own oil finds which could be some 30 billion to 35 billion barrels.
"Besides that, the Gorgon LNG project in Australia got the green light during the week. It is speculated that KNM and Wah Seong are good proxies to getting projects in that region," it said.
The research house also said a news report in the Upstream Online weekly said MMC and Amec secured a front end engineering and design contract for a tension leg platform for Shell’s deep water Malikai project off Sabah.
"Supporting the project works would reportedly be MMHE. No value of the contract was mentioned," it said.
Published: Tuesday September 29, 2009 MYT 8:19:00 AM
Oil prices rise ahead of economic reports
NEW YORK: Oil prices rose Monday, rebounding after an earlier drop as the dollar lost ground and investors waited for more clues on the strength of the U.S. economic recovery.
Benchmark crude for November delivery rose 82 cents to settle at $66.84 a barrel on the New York Mercantile Exchange.
Friday's fire at a Tesoro refinery in Los Angeles, which processes roughly 100,000 barrels of crude oil a day into gasoline, jet fuel and other products, will likely lead to some higher pump prices in California, but the effect is muted elsewhere in the U.S., said analyst and trader Stephen Schork.
Gasoline demand is so weak that even "a material disruption to supply to one of the largest markets in the world barely registered with the speculators on the NYMEX," Schork wrote.
Still, energy prices for the most part rebounded to start the week on the New York Mercantile Exchange, particularly crude, which hit a two-month low on Thursday.
A couple of factors this week are helping to support futures prices, even though the government reported Wednesday that oil supplies increased by millions of barrels in the prior week.
The dollar index fell again, meaning oil is cheaper on international markets.
There was also an oil spill in the Houston Ship Channel, closing off a portion of the heavily trafficked canal.
In addition, after crude prices tumbled 8 percent last week, world leaders issued a stern warning to Iran over a previously unknown nuclear facility.
About 20 percent of the world's crude is carted through the Straits of Hormuz on Iran's southern coast and any showdown between the West and Iran could threaten that route.
But PFGBest analyst Phil Flynn said oil producers are waiting in line ready to pick up that extra slack.
"Saudi Arabia has enough spare production capacity to replace Iran's exports two times over," Flynn wrote.
In the U.S., the most closely watched economic indicator this week will be the Labor Department's monthly jobs report on Friday.
Investors will also get reports on home prices, manufacturing, consumer confidence, construction spending and factory orders.
Natural gas prices continue to fall.
Most trading has already moved onto the November contract, with the October contract expiring Monday.
Prices for November delivery fell 11.8 cents to settle at $4.83 per 1,000 cubic feet because some key storage facilities are nearing capacity.
In other Nymex trading, heating oil gained 1.38 cents to settle at $1.6909 a gallon.
Gasoline for October delivery rose 1.75 cents to settle at $1.638 a gallon.
In London, Brent crude rose 43 cents to settle at $65.54 on the ICE Futures exchange. - AP
Published: Friday October 2, 2009 MYT 7:26:00 AM Oil prices up, natural gas prices down on US having highest ever stock
NEW YORK: Natural gas prices tumbled Thursday after the government reported the U.S. is using so little that it has more in storage now than at any other time on record.
Elsewhere, oil prices ticked higher as the dollar strengthened and traders mulled a mixed bag of economic reports that suggested the United States wouldn't enjoy a swift economic recovery.
Benchmark crude for November delivery added US21 cents to settle at $70.82 on the Nymex.
Natural gas for November delivery fell 34.7 cents, or 7.2 percent, to $4.494 per 1,000 cubic feet on the New York Mercantile Exchange.
The Energy Information Administration reported Thursday that underground aquifers and caverns in the lower 48 states stored 3.589 trillion cubic feet of natural gas last week, topping the previous all-time high of 3.545 trillion cubic feet set on Nov. 2, 2007.
Government records go back to 1975.
Analyst Steven Schork said supplies have grown so much that the U.S. is nearing its storage capacity for natural gas.
If that happens, producers could dump more of it on the open market, dropping prices even more.
But Peter Beutel at Cameron Hanover said prices have dropped so low this summer that they'll likely spring back as winter approaches.
"We'll start drawing down those supplies," Beutel said "especially if it's cold and the economy starts to pick back up."
Reports by the Commerce and Labor departments said that while consumer and construction spending grew in August, the number of people claiming first-time unemployment benefits increased more than expected last week.
Although the Institute for Supply Management's index of manufacturing activity showed a second straight month of growth in September, the reading was well below what analysts expected.
The mixed economic news helped equities markets start the fourth quarter on a sour note.
The Dow Jones industrial average lost about 150 points in afternoon trading, and the Standard & Poor's 500 index gave up 20, down about 2 percent.
In other Nymex trading, gasoline for November delivery added less than a penny to settle at $1.7579 a gallon, and heating oil lost a half cent to settle at $1.8274 a gallon. - AP
Published: Wednesday October 7, 2009 MYT 7:38:00 AM
Updated: Wednesday October 7, 2009 MYT 12:18:37 PM Oil surges above US$71 in Asia trade Wednesday(update)
KUALA LUMPUR: Oil prices rose above $71 a barrel Wednesday in Asia as increased optimism about a global economic recovery boosted expectations that crude demand will grow.
Benchmark crude for November delivery was up 63 cents at $71.51 by midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.
The contract rose 47 cents to settle at $70.88 Tuesday.
Oil rose in sync with global stock markets.
The Dow Jones industrial average gained a second straight day, advancing 1.4 percent Tuesday, its biggest gain since Aug. 21 as investors bet corporate profits will surge as the global economy recovers.
Most Asian indexes also advanced in early trading Wednesday.
The rally in stocks came after Australia raised interest rates Tuesday, signaling that policymakers see the country's economy as strong enough to withstand higher borrowing costs.
That touched off hopes other economies may also be strengthening enough to unwind stimulus measures including super low interest rates and massive government spending.
"The optimism for economic recovery is driving equities and oil markets," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
A report by the American Petroleum Institute showing a surprise fall in U.S. oil inventories last week also lifted prices, he said.
Crude inventories dropped 254,000 barrels while distillate fuel stocks fell 2.91 million barrels, he said according to the report late Tuesday.
The report however, contrasted with market expectations for higher inventories.
A survey by Platts, the energy information arm of McGraw-Hill Cos, said crude stock is likely to grow by nearly 2 million barrels and that supplies of gasoline and distillates used for heating oil and diesel also climbed last week.
The official weekly supply report will be released by the Energy Information Administration later Wednesday.
Shum said oil prices will rise further if crude inventories fall.
Prices will fall if crude stocks rise but likely to hold above $70, backed by stronger financial markets, he added.
In other Nymex trading, heating oil gained 2.03 cents to $1.8345 a gallon.
Gasoline for November delivery jumped 1.63 cents to $1.789 a gallon.
Natural gas for November delivery rose 5 cents to $4.93 per 1,000 cubic feet.
In London, Brent crude rose 69 cents to $69.25 on the ICE Futures exchange. - AP
Earlier report
Oil prices higher on weak US$, strong stock market
NEW YORK: Oil prices climbed Tuesday as the combination of a weaker dollar and stronger stock market outweighed concerns about weak demand and vast supplies of crude.
Benchmark crude for November delivery rose 47 cents to settle at $70.88 a barrel on the New York Mercantile Exchange.
Meanwhile, the U.S. government said in its annual winter outlook Tuesday that lower fuel costs and an expected milder winter for much of the nation will cut average winter heating costs by 8 percent from last year to about $960 this winter.
The dollar fell on Tuesday toward year lows against the euro and yen after Britain's Independent newspaper reported that Arab states, China, Russia, Japan and France were meeting secretly to end the dollar's role in pricing oil.
Several countries denied such talks had taken place.
Because crude is priced in dollars it becomes cheaper when the dollar falls.
Some investors also use commodities such as oil and gold as a hedge against inflation and dollar weakness. Gold hit a record $1,043 an ounce Tuesday.
Oil also pushed higher as U.S. stock market climbed more than 1 percent for a second day, driving hope that the economy is recovering and that demand for crude will grow.
Still, investors say demand remains weak because of the recession and supplies remain abundant.
On Wednesday, the Energy Information Administration releases its weekly supply report, which is expected to show crude placed into storage grew by nearly 2 million barrels and that supplies of gasoline and distillates used for heating oil and diesel also climbed for the week ended Friday, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
"Every Wednesday morning, the market has to go before the judge and get a dose of reality in the form of a weekly statistic that generally indicates a vast oversupply," said Jim Ritterbusch of Ritterbusch and Associates.
The glut of energy supplies combined with weak demand is the reason heating costs will be lower this year.
U.S. households are expected to pay an average of $783, nearly 12 percent less than last winter, for natural gas, and $1,821 for heating oil, about 2 percent lower, according to EIA. Families using electric heat will pay $933, a decline of 2 percent, and those using propane $1,667, or 14 percent less than last winter, the agency said.
Meanwhile, gasoline demand in the U.S. is showing signs of stabilizing, rising slightly for each of the past three weeks after declining following the end of the summer driving season, according to the weekly report by MasterCard SpendingPulse.
Demand for the week ended Friday rose 7 percent from a year ago when the country's financial meltdown crushed demand along with supply constraints in parts of the country following hurricanes Gustav and Ike.
MasterCard's report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check.
In other Nymex trading, heating oil rose 2.26 cents to settle at $1.8142 a gallon and gasoline gained 1.88 cents to settle at $1.7727 a gallon.
Natural gas for November delivery lost 10.7 cents to settle at $4.88 per 1,000 cubic feet.
In London, Brent crude rose 52 cents to settle at $68.56 on the ICE Futures exchange. - AP
Oil surges towards US$82
Written by Reuters
Thursday, 22 October 2009 08:19
NEW YORK: Oil jumped more than 3 percent toward US$82 a barrel on Wednesday, Oct 21 its highest level in a year, due to a drawdown in U.S. refined oil inventories and as a rise in U.S. equities showed optimism about the economy and a potential rebound in energy demand, according to Reuters.
Weekly data from the Energy Information Administration revealed a larger-than-expected 2.3-million-barrel draw in gasoline stocks in the world's largest energy consumer last week, while crude inventories rose 1.3 million barrels, less than the expected 1.8 million-barrel rise.
U.S. crude for December rose US$2.72 to US$81.84 a barrel by 2:03 p.m. EDT (1803 GMT). Brent crude added US$2.90 to US$80.14.
"The gasoline draw was bullish, and the same for distillates, with refinery rates nearly unchanged," said Mike Zarembski, senior commodities analyst for OptionsXpress in Chicago.
However, traders had their eyes on the weakness of the dollar and stronger equities as price drivers, rather than oil's fundamentals of demand and supply.
"As long as the dollar is down and stocks are up, traders want to buy energies. Everyone is watching the dollar now and that is what's driving crude prices. There is nothing in this report to change that," Zarembski added.
The dollar sank against a basket of other currencies as expectations that U.S. interest rates will remain very low weighed on the greenback. The euro rose above US$1.50 for the first time since August 2008.
A falling dollar makes oil relatively cheap to holders of other currencies.
The weak dollar and anticipation of future economic recovery have been the main drivers of the oil price rally for the past few months.
This year, front-month crude on the New York Mercantile Exchange has risen around 120 percent from the December 31 2008 low of $36.94 to the current session high on Wednesday to above $81.
China's State Council voiced confidence that China's economy has recovered from the global financial crisis, performing better than expected in the first nine months of the year.
The International Energy Agency, which represents 28 industrialized countries, has warned that the fast rise in prices could pose a risk to global economic recovery.
But Nigeria's oil minister, Rilwanu Lukman, said US$80 was a fair price for oil and one that should encourage investment in new supplies. - Reuters
Published: Saturday October 24, 2009 MYT 11:52:00 AM
Oil prices have surged 25% in less than amonth
NEW YORK: Oil prices surged 25 percent in less than a month, dredging up memories of last year's spike and gas prices could soon eclipse summer highs.
Crude is being tugged higher for different reasons this time, rising primarily as the dollar gets weaker.
Oil is traded in the dollar, which allows investors holding euros or other strong currencies to buy more as the dollar falls.
The dollar hit an annual low on Friday, and anyone holding a euro could trade it in for more than $1.50.
By Friday, even the plunging value of the dollar could not push prices higher as it had throughout the week, most likely because there is little to suggest that all of that oil will be used.
Energy demand is extremely weak and the country's storage tanks are brimming with crude, said Peter Beutel, an analyst at Cameron Hanover.
There are also whispers that the Organization of Petroleum Exporting Countries, which supplies more than 35 percent of the world's crude, will decide to open up the spigots when it meets in December.
"At some point, the bubble has to burst," Beutel said.
The dollar had also weakened during last year's run-up to $147 per barrel, but there were other reasons for buying oil.
Petroleum companies were nearing their peak production levels and traders fretted about the growing energy appetites of China and other developing countries.
This year, there is no immediate danger of an oil shortage with the U.S. and other countries mired in recession.
Benchmark crude for December delivery gave up 69 cents Friday to settle at $80.50 a barrel on the New York Mercantile Exchange.
Oil was trading at less than $70 per barrel to start the month.
In London, Brent crude for December delivery lost 59 cents to settle at $78.92 on the ICE Futures exchange.
Just like last summer when soaring oil prices dragged gasoline prices higher, prices at the pump have been rising steadily, adding 2 cents to a new U.S. average of $2.636 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
In other Nymex trading, heating oil dropped about 2 cents to settle at $2.0438 a gallon.
Gasoline for November delivery lost less than a penny to settle at $2.0438 a gallon, while natural gas for November delivery lost 16 cents to settle at $4.787 per 1,000 cubic feet. - AP
Published: Saturday October 31, 2009 MYT 9:22:00 AM
Updated: Saturday October 31, 2009 MYT 11:24:50 AM Oil trades below US$78 as US dollar strengthens
NEW YORK: Oil prices fell to below $78 a barrel Friday on a stronger dollar and worries that a drop in consumer spending might make the U.S. economic recovery unsustainable.
Benchmark crude for December delivery fell $2.87 to settle at $77 a barrel on the New York Mercantile Exchange.
The contract rose $2.41 to settle at $79.87 on Thursday and has traded near $80 a barrel all week.
Oil has been moving higher recently on signs that the U.S. economy is improving and on a weaker dollar.
The Commerce Department said Thursday that the U.S. economy grew at a 3.5 percent annual pace in the third quarter, the best showing in two years and breaking four straight quarters of declines.
Since oil is largely bought and sold in dollars, investors holding stronger currencies can buy more crude for less.
But the dollar rose on Friday, and crude fell sharply, mostly on a dour consumer spending report.
The Commerce Department said U.S. consumer spending plunged in September by the largest amount in nine months.
And evidence that U.S. consumers are still holding off on spending drove stocks sharply lower, tempering enthusiasm from the day before over the economy's growth in the third quarter.
A drop in the mood of consumers added to the day's bad news.
The market is paying close attention to indicators of consumer spending, which is still in a slump despite improvements in other parts of the economy such as manufacturing and housing.
Consumer spending makes up two-thirds of the overall U.S. economy.
Despite some recent positive economic reports, some analysts remained guarded about the strength of the global economic recovery.
JBC Energy in Vienna said that "oil still looks to be overpriced and an increase in GDP after four quarters of decreases does not mean the U.S., or the rest of the world, is out of the woods yet."
Analysts point to still fragile demand and the accumulation of huge stocks of oil and petroleum products as reasons to be cautions.
The dollar rose Friday, with the euro dropping to $1.4796 in New York morning trading from $1.4845 late Thursday.
The British pound fell to $1.6520 from $1.6548.
In other Nymex trading, natural gas fell 1.7 cents to settle at $5.045 per 1,000 cubic feet.
Heating oil fell 7.31 cents to settle at $1.9811 a gallon. Gasoline for November delivery fell 7.6 cents to settle at $1.9432 a gallon.
In London, Brent crude for December delivery fell $2.84 to settle at $75.20 on the ICE Futures exchange. - AP
Oil jumps 3 percent on Ida, equities
Written by Reuters
Tuesday, 10 November 2009 07:22
NEW YORK: Oil rose 3 percent toward US$80 a barrel on Monday, Nov 9 after Tropical Storm Ida forced the shut in of U.S. oil and gas production, helping to support prices, according to Reuters.
U.S. crude for December delivery rose US$2.34 to US$79.77 a barrel by 1:50 p.m. EST. London Brent crude gained US$2.21 to US$78.08.
Ida, the first real storm threat of the 2009 season, was downgraded from a hurricane on Monday, but production remained shut in as producers waited for the storm to pass over the Gulf.
"Crude is up on the weak dollar and the impact of Tropical Storm Ida, overshadowing some bearish news of the Saudis raising supplies available and China raising fuel prices," said Phil Flynn, analyst at PFGBest Research in Chicago.
Crude has been bolstered by stronger equities and a weaker dollar in recent months, as investors look to wider macro economic data for a hint of economic recovery and a rebound in energy demand.
U.S. stocks jumped, extending last week's gains, on renewed risk-taking sentiment after the Group of 20 pledged to keep economic stimulus in place until a recovery was assured.
The news also sent the dollar down across the board, helping bolster crude prices. A weak dollar makes dollar-denominated commodities like crude cheaper for holders of other currencies and helps support prices.
"I think it's more buy on the rumor, sell on the fact. It does not seem as if (Ida is) strong enough to create structural damage," said Olivier Jakob of Petromatrix.
"Nothing fundamental has really changed, but you buy because of the dollar and equities."
Oil prices have rallied from a low of below US$33 a barrel last December, in line with a rally sustained for much of the year on equities.
For oil prices, the market's failure to sustain the strength that took it to a year-high of US$82 a barrel in October was seen as bearish, and speculators have begun to unwind long positions.
The latest data from the Commodity Futures Trading Commission on Friday showed money managers had reduced their net long crude positions on the New York Mercantile Exchange. Speculative length is still historically high and analysts said further selling was likely.
Fuel inventories are brimming, with U.S. distillate stocks, which include heating oil and diesel, at their highest levels in more than a quarter of a century.
Potentially adding to the oil surplus, Saudi Arabia, the world's top oil exporter, has increased December supplies to large companies, and one Asian customer is expected to receive full contract volume. - Reuters
Oil near US$71 after drop to 2-mth low on ample supply
Written by Reuters
Thursday, 10 December 2009 13:18
SINGAPORE: Oil crept up towards US$71 a barrel on Thursday, Dec 10 supported by the weaker dollar, after sliding more than 2 percent to a two-month low a day earlier due to a large increase in fuel stockpiles in the United States, according to Reuters.
The U.S dollar retreated after this week's recovery, with the New Zealand and Australian dollars leading demand for higher-yielding and commodities-linked currencies after much stronger than expected Australian jobs data.
Traders are also watching the bearish impact of an increase in Saudi term crude supply to two Asian buyers, despite OPEC members saying that the group would not raise production targets at its Dec. 22 meeting.
U.S. crude for January delivery rose 26 cents to US$70.93 a barrel by 0331 GMT, after losing almost US$2 for its sixth straight day of losses on Wednesday, when it hit the lowest since early October at US$70.13.
London Brent crude gained 31 cents to US$72.70.
"A lot of investors are getting out of the high-liquidity markets like gold and crude," said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo.
"It's tough for crude to go higher this month because everyone is moving to close their positions by the end of the month. But early next year, money will be coming back to the exchanges and commodities will rise gradually.
U.S. Energy Information Administration (EIA) data showed that distillate stocks, which include heating oil and diesel, rose last week by an unexpected 1.6 million barrels, versus forecasts for a 600,000-barrel drop, reflecting persistently poor demand in the world's largest oil consumer during winter.
Gasoline inventories rose 2.2 million barrels, above projections of a 1.5 million-barrel build.
The 3.8 million-barrel drawdown in crude stockpiles as refiners raised production was shrugged off as the government figures lagged the 5.8-million barrel drop shown in separate industry data on Tuesday.
SUPPLIES ABUNDANT
"Stock levels at Cushing have been rising. That is a bearish factor," Hasegawa added.
The EIA said crude stocks at Cushing, Oklahoma, the delivery point for NYMEX crude oil futures, were up last week by 2.5 million barrels at 33.4 million barrels.
"While we are still shy of the near 35 million-barrel peak in February this year, the pressure on spreads remains and the contango in the WTI forward curve can stand to widen," BNP Paribas said in a report.
Even as Ecuador and Kuwait echoed remarks by OPEC peers that the cartel would not raise output at its Angola meeting, Saudi Arabia increased supplies for January to at least two buyers in Asia and kept full volumes to others.
The world's top oil exporter last month had allocated full contracted volumes for the first time in a year for December to many Asian customers.
O
il's surge to a high for the year of US$82 in October, from below US$33 last December, and Thursday's improvement was largely led by the softer U.S. currency.
The dollar eased 0.09 percent against a currency basket, after touching a one-month peak in the previous session, as the New Zealand dollar was lifted by the central bank's signal that it may start raising rates earlier than expected, while the Australian currency was boosted by strong jobs data.
The weaker greenback makes dollar-denominated commodities cheaper for holders of other units, and also lifted gold above US$1,130 an ounce on Thursday after hitting its lowest in more than three weeks the previous day. - Reuters
