NEWS

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Pioneer Natural Resources $PXD shares were crushed 7.5% after they said they were behind in completions and would not accelerate activity. This left forward guidance lower and questionable.

Independent oil and natural gas company $EOG Resources reported mixed second quarter earnings after the market close Tuesday. $EOG reported alongside other shale plays Diamondback Energy $FANG and Devon Energy $DVN.

Texas independent oil and natural gas company Diamondback Energy $FANG reported second quarter earnings Tuesday, increasing full year production guidance while decreasing CAPEX and cash cost guidance. 

The TCOIL preview for this week's EIA DOE Weekly Petroleum Status Report highlights the key variable to watch out for. Crude oil markets are watching for production and product use with the all important import export trade.

The Reserve Bank has kept its cash rate on hold at a record low of 1.5%.

RBA Governor Philip Lowe said the recent increase in the Australian dollar above US80 cents was hurting job creation and economic activity.

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