U.S. Rig Count is down 10 rigs from last week to 875, with oil rigs down 13 to 646, gas rigs up 3 to 225, and miscellaneous rigs unchanged at 4.

Millions of barrels of untapped oil that U.S. shale drillers discovered during the boom years are about to disappear from their inventories.

“Geopolitical turmoil that takes foreign oil supplies offline can be difficult to predict or control, but the U.S. will always have control over how much energy we produce here at home. With the right policies, our energy renaissance can endure for decades and help even more families afford to take a vacation on Memorial Day weekend.”

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

Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.

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.

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.

Russia is developing non-dollar financing and ties with China in the face of U.S. and EU sanctions

"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.