Business Corpus: U.S. Oil Production Drops As Top Shale Stocks Get Ready To ReportWeekly domestic crude production and inventories fell as shale earnings continue with Diamondback Energy and Viper Energy Partners. The post U.S. Oil Production Drops As Top Shale Stocks Get Ready To Report appeared first on Investor's Business Daily.

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Weekly domestic crude production and inventories fell as shale earnings continue with Diamondback Energy (FANG) and Viper Energy Partners (VNOM) after the market closes Wednesday. Occidental Petroleum (OXY) also reports late.

The Energy Information Administration reported weekly U.S. oil inventories fell by 1.4 million barrels while gasoline stockpiles fell by 2.9 million barrels. Analysts surveyed by S&P Global Platts expect a 3.7 million-barrel decline.

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

U.S. crude production fell to 10.8 million barrels per day from 10.9 million barrels in the week prior, EIA said.

U.S. crude tumbled 2% to $67.81 per barrel. Brent fell 1.6% to $73.48. 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 1.1% to 81.02 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 dropped 1.3% to 132.84. 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 were flat at 36.58.

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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