Case: i have two exactly the same images, shot with 5 seconds in between.
These two images are visually identical when viewed:
In their JPEG preview.
In Adobe ACR
In dcraw (tested v9.22, 9.24 and 9.25) with commands -T -w -W.

Then when i use dcraw_emu as:
dcraw_emu -T -w -W

The two sequential images have a slightly different exposure, one is brighter than the other. How can this be possible? A link to the two images I have hosted here: https://www.dropbox.com/s/qdmqgjie526ygmq/dcraw_emu_brightness_issue.zip... .

Please see if you can reproduce my result, or if you have any idea how this is possible. I have tried around 4 versions of LibRaw (and dcraw_emu) and they all produce the same erroneous result.