Generated by The Engine systematically extracting capital pressure signals from the past week’s news, ranking them by structural impact and isolating the entities most likely to gain durable advantage from those shifts.

THE MARKET IS NOT TIGHT ON MOLECULES.

IT IS TIGHTENING ON FREE FLOAT.

Look at the direction of capital:

🇯🇵 Japanese Buyers Are Converting Contracts Into Equity

• Mitsui & Co pursuing stake in Qatar North Field South (16 MTPA phase).
• 27-year JERA offtake signed.
• Japanese trading houses acquiring US shale upstream.
• Mozambique LNG resumed participation.
• Inpex doubling growth capex to ¥850bn despite revenue decline.

This is not opportunistic buying. This is structural upstream capture. Japanese capital is eliminating exposure to spot markets by taking equity in supply. Every tonne moved from portfolio contract to equity molecule reduces tradable liquidity.

QATAR IS NOT RUSHING SUPPLY.

Despite: