Winners February 18 to 25

I. ENGINE TAKE (12–36 Month Structural Outlook)

1. CORE THESIS Between February 18 and February 25, 2026, identifies market leverage toward three distinct entities: U.S. Gulf Coast Liquefaction Developers, Asian Portfolio Holders, and Tier-One Commodity Traders. Conversely, European utility buyers experienced primary leverage compression. This asymmetry is driven by the convergence of European regulatory mandates actively stressing incumbent supply contracts, transient Pacific demand elasticity subsidizing Atlantic deficits, and the injection of bilateral trade conditionality into U.S. project finance.