Normally, I am able to stream at 3000 bitrate with no frame drops. However, when streaming Super Meat Boy, even at 100 bitrate I drop around 70 - 80% frames. I tried lowering video quality, setting bitrate higher, changing encoder, twitch server, CPU usage preset, in-game quality settings, doing both game and window capture - none of these worked. Looking into task manager, neither CPU, nor memory or GPU seem to be near 100%. Also tried streaming other games to make sure it's not temporary network issues, and it worked fine.

Does anyone know what might cause it?