Hungary, Romania, Bulgaria and Slovakia will sign an agreement to interconnect their natural gas networks whih to allow also the reverse transit, announced on Thursday night the Hungarian minister of Foreign Affairs and Trade Peter Szijjarto on the Hungarian public television station M1, MTI reports, according to Mediafax.

BHI Rig Count: U.S. -3 to 885 rigs

U.S. economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 — thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.

Analysts at Moody’s predict that the default rate for oil and gas companies with lower credit ratings — B2 or lower — could increase to 7.4% by March 2016 from 2.7%.

The World Bank’s private lending arm is targeting investments in natural gas companies in China, the largest growing market for the fuel.

U.S. net imports of natural gas decreased 9% in 2014, continuing an eight-year decline. As U.S. dry natural gas production has reached record highs, lower domestic prices have helped to displace natural gas imports. Net natural gas imports (imports minus exports) totaled 1,171 billion cubic feet (Bcf) in 2014, the lowest level since 1987.

U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources - hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound.

"The Chinese market is a very interesting market for us. I wouldn't be surprised if in the future we are delivering LNG to China. And not necessarily small buyers, big buyers as well," said Zanen on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur, declining to give more information.

China's land reclamation around reefs in the disputed South China Sea is undermining freedom and stability, and risks provoking tension that could even lead to conflict, U.S. Deputy Secretary of State Antony Blinken told a conference in Jakarta.

The cutbacks by energy companies likely contributed to a drop in the production of industrial machinery, which fell 0.9 percent, its second straight decline. The strong dollar also likely held back machinery sales, because it makes goods more expensive overseas. Companies like Caterpillar are exporting fewer trucks, bulldozers and other industrial machines.