ET Intelligence Group: A sharp rise in crude oil prices is set to dent the March-quarter profit margins of oil marketing companies (OMCs) as higher feedstock costs compress refining margins, soften fuel-price spreads and widen LPG under-recoveries. Brent crude has jumped nearly 16% so far in calendar 2026 rising from about $71 per barrel at the start of January to $82.3 per barrel as of March 05. While upstream companies including ONGC and Oil India benefit from rising crude prices, the extent of gains will depend upon the government policies related to windfall taxing and subsidy allocations.

Rising crude oil prices compress the gross refining margins (GRM) of OMCs because retail prices of petroleum products such as diesel and petrol do not adjust immediately. GRM is the difference between prices of crude oil and petroleum products.

“For every $1 per barrel rise in crude price, OMCs’ auto-fuel gross marketing margin declines by ‘0.55 per litre (assuming no change in retail petrol, diesel price and excise duty on petrol and diesel) and drags down their consolidated Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortisation) by 7-9%,” said JM Financial Institutional Securities in a report adding that OMCs typically earn a gross marketing margin of about ‘3.5- 4 per litre on petrol and diesel when Brent is around $70 per barrel.

Nomura Financial Advisory and Securities expects integrated margins, which include refining, fuel marketing and LPG under-recoveries, to decline by around $3-4 per barrel at the current crude oil prices for IOCL, HPCL and BPCL compared with the previous quarter.
Higher crude prices also worsen LPG under-recoveries, which eat into OMC profits. Nomura highlights that LPG under-recoveries have more than doubled to ’69 per cylinder in the March quarter till date from ’33 per cylinder in the previous quarter. Since LPG prices are subsidised, any increase in crude oil costs pushes OMCs’ LPG under-recoveries higher.

Upstream companies including ONGC and Oil India, which benefit directly from rising crude prices, are likely to see stronger earnings on the back of higher realisations. ONGC and Oil India would be key beneficiaries if Brent crude sustains above $70 per barrel, as every $1 rise in oil prices boosts their earnings by 1.5-2%, said JM Financial Institutional Securities. Spot LNG prices have more than doubled to $25 per mmbtu (Million British Thermal Units) after QatarGas announced a shutdown in LNG production on March 02. This is likely to affect gas utilities such as GAIL, Petronet LNG, Gujarat Gas and other city gas distributors since both volumes and margins are likely to come under pressure.

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Lineage Cell Therapeutics, Inc. (LCTX) Q4 2025 Earnings Call March 5, 2026 4:30 PM EST

Company Participants

Ioana Hone – Director of Investor Relations
Brian Culley – CEO, President & Director
Jill Howe – CFO & Principal Financial and Accounting Officer

Conference Call Participants

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Joseph Pantginis – H.C. Wainwright & Co, LLC, Research Division
Jack Allen – Robert W. Baird & Co. Incorporated, Research Division
Mayank Mamtani – B. Riley Securities, Inc., Research Division
Gum-Ming Lowe – Craig-Hallum Capital Group LLC, Research Division
Yang Chen – Raymond James & Associates, Inc., Research Division

Presentation

Operator

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Welcome to the Lineage Cell Therapeutics Third (sic) [ Fourth ] Quarter 2025 Conference Call. [Operator Instructions] An audio webcast of this call is available on the Investors section of Lineage’s website at www.lineagecell.com. This call is subject to copyright and is the property of Lineage. And recordings, reproductions or transmission of this call without the expressed written consent of Lineage are strictly prohibited. As a reminder, today’s call is being recorded.

I would now like to introduce your host for today’s call, Ioana Hone, Head of Investor Relations at Lineage. Ms. Hone, please go ahead.

Ioana Hone
Director of Investor Relations

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Thank you, Jamie. Good afternoon, and thank you for joining us. A press release reporting our fourth quarter and full year 2025 financial results was issued earlier today, March 5, 2026, and can be found on the Investors section of our website.

Please note that today’s remarks and responses to your questions reflect management’s views as of today only and will contain forward-looking statements within the meaning of federal securities laws. Statements made during this discussion that are not statements of historical fact should be considered forward-looking statements, which are subject to significant risks and uncertainties. The company’s actual results or performance may differ materially from the expectations indicated by

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The U.S. dollar held broadly steady in early Asian trade on Friday and was poised for its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven assets.

The euro and yen remained on the back foot as the crisis drove oil prices ever higher, spurring inflation risks in economies dependent on energy imports and upending expectations for policy by the Federal Reserve and other central banks.

Earlier hopes of a de-escalation gave way to fresh uncertainty, with Iran warning that Washington would “bitterly regret” the sinking of an Iranian warship. U.S. President Donald Trump said he wanted to ‌be involved in choosing ⁠Iran’s next ⁠head of state after U.S. and Israeli air strikes killed Supreme Leader Ali Khamenei in the early moments of the war.

“If the Middle Eastern conflict continues at its current intensity, it’s likely to bring sustained higher inflation, a stronger U.S. dollar, and a vastly reduced chance of Fed rate cuts,” IG market analyst Tony Sycamore wrote in a note.

The dollar index, which measures the greenback against a basket of currencies, was trading a touch lower by 0.06% at 99.00, still on course for a 1.4% gain this week that would be the most since November 2024.

The euro was little changed at $1.1612, while the yen tacked on 0.06% to 157.5 per dollar. Sterling was almost steady, up just 0.04% at $1.3361.
The war escalated on Thursday, with ⁠U.S. and ‌Israeli jets hitting areas across Iran and Gulf cities coming under renewed bombardment. In a phone interview with Reuters, Trump said Mojtaba Khamenei, a son of the late supreme leader who has been considered a favorite to succeed his father, was an unlikely ⁠choice.

The greenback was one of a handful of winners in a volatile few sessions that have dragged stocks, bonds and, at times, even safe-haven precious metals lower.

The spike in energy prices from the Middle East war has stoked fears of a resurgence in inflation, with overnight index swaps (OIS) showing shifts in rate outlooks for major central banks.

Traders have pushed back the time frame for the next easing by the Fed to either September or October, according to LSEG estimates. Rate-easing expectations from the Bank of England have also been pared back, while money markets increased bets on European Central Bank rate hikes as early as this year.

“The fears of what happened to inflation when the Russia-Ukraine war began and what we saw post-pandemic with supply shocks, that’s still sort of front ‌of mind,” Skye Masters, head of markets research at National Australia Bank, said on a podcast. “You see that repricing in OIS curves, and you are seeing some meaningful repricing in bond markets as well.”

With the war in focus, currency investors shrugged off Thursday’s economic data.

The number of Americans filing new applications ⁠for unemployment benefits was unchanged last week, while layoffs dropped sharply in February, consistent with stable labor market conditions.

The market is now focused on Friday’s employment report. Nonfarm payrolls likely increased by 59,000 jobs last month after accelerating by 130,000 in January, a Reuters survey of economists predicted. The unemployment rate is expected to have held steady at 4.3%.

TD Securities head of FX strategy Jayati Bharadwaj said she sees room for short‑term adjustment in long dollar positioning given the current risk‑off tone. But she expects the Iran conflict to remain contained, especially in a U.S. midterm election year.

“(The) U.S. dollar upside should persist only while risk premia remain elevated in crude oil, potentially echoing the price action seen in June 2025 until a regime shift happens in Iran with U.S. backing,” Bharadwaj said in a note.

The Australian dollar strengthened 0.16% versus the greenback to $0.7017. The kiwi rose 0.15% to $0.5903.

In cryptocurrencies, bitcoin fell 0.26% to $70,956.52, and ether declined 0.27% to $2,074.84.

The search for Nancy Guthrie, the 84-year-old mother of NBC “Today” show co-host Savannah Guthrie, entered its 33rd day on March 5, 2026, with authorities reporting progress in the investigation into her apparent abduction from her Tucson-area home on Feb. 1.

Pima County Sheriff Chris Nanos told NBC News in an interview that investigators “are definitely closer” than ever to identifying a suspect or suspects. The sheriff emphasized ongoing forensic work, including DNA analysis from multiple evidence items, and review of hundreds of hours of surveillance footage. While no arrests have been made, Nanos described the case as active and advancing, with a dedicated task force including four detectives, a sergeant and FBI personnel assigned full-time.

The case has gripped national attention since Nancy Guthrie vanished after a family dinner on Jan. 31. She was reported missing the next day. Authorities believe she was taken against her will, citing drops of blood found on her front porch and doorbell camera footage showing a masked individual near the property. No ransom demands have been confirmed, and investigators have ruled out certain theories while pursuing all leads.

Recent developments include clarification on physical evidence. On March 4, the Pima County Sheriff’s Department confirmed that DNA from a pair of black gloves found about two miles from the home traced back to a local restaurant employee unrelated to the case. Sheriff Nanos explained the gloves matched ones worn by the figure in surveillance video but belonged to someone working across the street from where they were recovered. “The owner of the glove, we found working at a restaurant across the street,” Nanos said, stressing the item “has nothing to do with the case.” Other gloves recovered during the investigation were sent to a Florida lab for further DNA testing, with results pending due to challenges in separating mixed samples.

The family has offered a $1 million reward for information leading to Nancy Guthrie’s safe return, a figure announced in late February. Savannah Guthrie, her sister Annie and brother-in-law Tommaso Cioni visited the home earlier this week in their first public appearance there since the disappearance began. They placed yellow flowers at a growing memorial site featuring ribbons, crosses, prayers, a “Let Nancy Come Home” sign and an angel statue. The emotional scene underscored the family’s ongoing anguish and hope.

Savannah Guthrie visited the “Today” show studios on March 5 to thank colleagues for their support during her extended absence from the air. An NBC spokesperson said she remains focused on family and the search effort but plans to return on air when ready. “Everyone loves you. And whenever you’re ready, we are here,” the network affirmed.

Public interest has spurred volunteer proposals. The United Cajun Navy submitted a detailed 41-page operational plan for expanded searches using thermal drones, 25 specialized canines and coordinated desert grid sweeps. NewsNation reported the plan awaits approval from the Pima County Sheriff’s Office, which has not yet responded after nearly a week. The proposal reflects community desire to assist amid the month-long effort.

Media coverage has highlighted the case’s broader implications, with opinion pieces noting intense attention on high-profile disappearances and calls for equitable focus on all missing persons cases. The Pima County Sheriff’s Office continues urging the public to report any relevant information, emphasizing verified tips’ value.

As the investigation progresses into its second month, authorities maintain hope for a resolution. The sheriff’s confidence in closing in on leads offers a measure of optimism for the Guthrie family and supporters nationwide. Nancy Guthrie remains missing, and the search for answers continues in the Catalina Foothills community.

The ordeal has prompted widespread prayers and vigils, with yellow ribbons appearing across Tucson and beyond. Family statements stress gratitude for law enforcement and public support while pleading for any information that could bring Nancy home.