THE BOTTOM LINE: The major oil and natural gas companies are expected to report lower earnings over the next two weeks.

PRICE ISN’T RIGHT: Lower oil and natural gas prices are to blame for lower earnings. The average price for oil in the second quarter was about 9 percent lower than a year earlier. Natural gas was worse, with the average price falling 46 percent.

THE BRIGHT SPOT: Refiners likely had improved results. They paid less for oil while still commanding a decent price for gasoline, diesel and jet fuel.