Brent−WTI spread hits $10.59/bbl — highest since August 2026 — reflecting worsening global associated gas mismatch: high oil prices drive upstream output, but infrastructure for gas capture, liquefaction (LNG), GTL, power generation, or re-injection lags. JODI data confirms the gap: US crude imports at 6,709 kb/d, Saudi at 68 kb/d, India at 4,497 kb/d — total 12,172 kb/d — implying ~180 MMcf/d of associated gas (per industry convention: 1,200–1,500 cf per barrel), yet JODI reports zero associated gas production or processing volumes for any country. Flaring-to-zero is shifting from ESG aspiration to regulatory mandate — CBAM’s 2026 fee period looms, and Singapore marine fuel bunkering volume is under pressure (confirmed in prior report), tightening low-sulfur fuel oil stocks and pushing refiners to prioritize light hydrocarbon recovery, boosting NGL economics. Fuel oil at ¥5,434/t (−0.02%) shows muted reaction, indicating no near-term strain on heavy-gas conversion routes (e.g., residue hydrogenation, coker gas purification). Meanwhile, asphalt at ¥5,304/t (+1.92%) signals resilient infrastructure demand for heavy oil products — indirectly strengthening market absorption for heavy fractions post-associated gas separation. USD/CNY at 6.6558 (−0.06%) eases LNG import cost, but offers negligible ROI uplift for NGL separation projects — physical infrastructure, not FX, remains the binding constraint. NGL recovery is the most viable commercial path: ethane, propane, and butane feed petrochemical crackers or LPG markets with low capex, short lead time, and high policy tolerance. SNSUC’s blockchain traceability supports batch-level carbon flow accounting for NGL, enabling direct CBAM node integration. Bullish on NGL recovery. Reversal trigger: Brent−WTI spread narrows below $7.20/bbl, or next JODI release shows US associated gas production up ≥5% MoM.