Good morning; here's what the Oilman has for you today:

• U.S. Refiners Snap UK Oil Cargoes

• It’s Sale Season for Gas Networks

• Tweet of the Day

U.S. Refiners Snap Up U.K. Oil Cargoes

In a first for the last seven years, several cargoes of North Sea Forties crude are traveling to the U.S. East Coast amid a global oil flow shift.

Some of the 2.6 million barrels that have already arrived or are en route to the East Coast will be delivered to Canada.

Replacement time!

The North Sea barrels heading for the East Coast are replacing Russian oil with similar specifications due to the U.S. ban on Russian oil imports.

Before the ban, half of total Russian oil imports into the United States went to East Coast refineries.

Yeah, shockingly, the U.S. was importing oil from Russia.

But there’s also another reason for the shift: French strikes.

The French have been practicing their preferred national sport—strikes—especially enthusiastically of late, which has led to refinery interruptions.

This, in turn, has prompted North Sea oil sellers to look west for new markets.

Meanwhile, Canadian crude heads in growing amounts to Europe, where Russian oil is also banned.

Shaking up global oil trade

Since nothing lasts forever, even French refinery strikes, chances are flows will at some point return to normal…

Or not – if buyers decide they’re getting a bargain.

North Sea producers are not the only ones reaping the benefits of this global oil flow shakeup. Libya and Nigeria are also sending more light, sweet crude to the U.S. East Coast.

Refiners must be getting a bargain if they’re buying African light crude instead of the local shale variety… which is going to Europe.

Ah, global oil trade, thy name is arbitrage.

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It’s Sale Season for Gas Networks

At least two U.S. utilities are considering selling some natural gas networks.

The sales plans reportedly come in response to a government push to reduce gas use by households.

More stranded assets?

The Wall Street Journal reported, citing people in the know, that Dominion Energy is considering the sale of its gas distribution subsidiaries across North Carolina, Ohio, and some regions in the Western U.S.

The divestment could fetch a stunning $13 billion.

British National Grid is also mulling over sales, but less radical ones.

NG could sell just a minority interest in its gas distribution network in the Northeast.

Gas is suddenly out of fashion. What happened?

Gas bad. Electricity good.

Earlier this year, a chatty Consumer Product Safety commissioner suggested gas stoves are bad for your health…

Then San Francisco went and banned gas furnaces and water heaters because gas is evil.

But it didn’t ban gas stoves. Not just yet.

More cities want to ban new gas hookups in residential buildings, too.

From “energy transition bridge fuel” to becoming the “Satan” of the climate religion was a quick transformation for NatGas.

Meanwhile, because it had nothing better to do, the Department of Energy recently went and issued a proposal for new energy conservation standards…

And surprise! People took it to mean gas stove bans.

They were correct, and many are having none of that.

There’s a brand new NGO set up to push back against any bans on gas.

More importantly, there’s a move among legislators to counter gas ban urges.

As the saga continues, gas distributors are trying to be pre-emptive…

They should be careful not to end up premature.

Around the Global Patch

🇺🇸 A Texas-state-issued, gold-backed CBDC?
🌎 Which countries are the top 20 NatGas producers?
🇹🇷 Turkey challenges Russian Arctic shipping routes.

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