Business Corpus: Top Shale Stock Earnings Continue, U.S. Production Data AheadWeekly domestic crude production and stockpile data are on tap while shale earnings continue with Diamondback Energy and Viper Energy Partners. The post Top Shale Stock Earnings Continue, U.S. Production Data Ahead appeared first on Investor's Business Daily.

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Weekly domestic crude production and stockpile data are on tap, while shale earnings continue with Diamondback Energy (FANG) and Viper Energy Partners (VNOM) results after the market closes Wednesday. Occidental Petroleum (OXY) also reports late.

The Energy Information Administration will report weekly U.S. stockpile and production data at 10:30 a.m. ET. Analysts surveyed by S&P Global Platts expect a 3.7 million-barrel decline.

But the American Petroleum Institute, an industry group, reported a 6 million-barrel drop in crude supplies.

U.S. crude tumbled 1.4% to $68.22 per barrel. Brent fell 0.8% to $74.02. China announced a 25% tariff on $16 billion worth of U.S. goods including crude. Chinese crude imports in July rose to 8.48 million bpd vs. 8.36 million in June according to General Administration of Customs data, but were still the third-lowest for the year.

Markets are also trying to weigh the effects of the Iran sanctions on the oil supply.

Occidental Earnings

Estimates: EPS soaring 733% $1.25 on a 11% increase in revenue to $4 billion.

Results: TBA

Stock: Shares edged down 0.2% to 81.76 in pre-market trading on the stock market today.

Diamondback Earnings

Estimates: 17% increase in EPS to $1.64 and a 77% jump in revenue to $477 million.

Results: TBA

Stock: Shares weren't active early. Diamondback is forming a cup with handle base with a 138.35 buy point.

Viper Energy Earnings

Estimates: EPS climbing 65% to 38 cents with revenue jumping 86.5% to $69 million.

Results: TBA

Stock: Shares dipped 0.1% to 36.52.

On Tuesday, the EIA lowered its 2019 outlook on U.S. production to 11.7 million barrels per day from 11.8 million bpd. Output this year is seen at 10.7 million bpd down from 10.79 million bpd in last month's outlook.

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The post Top Shale Stock Earnings Continue, U.S. Production Data Ahead appeared first on Investor's Business Daily.