Halliburton, Murphy Oil and refiner Valero are among those reporting next week, and Exxon Mobil and other majors report the week after.
The U.S. energy industry is made up of dozens of companies from mom and pops to the oil majors. Analysts have been expecting more of the small, borderline well operators to shut down low-producing wells. The elimination of dozens of wells so far has not resulted in a big drop in U.S. production due to improving efficiencies, and U.S. production actually showed a slight increase in the past week to 9.3 million barrels a day.
Traders have been watching the high-yield debt market where energy issuers have seen huge markdowns, on expectations that some will be forced to either go bankrupt, sell assets or merge.
The shakeout in the industry had been expected much sooner, and it has taken oil prices to lower prices for much longer than initially expected.
"I think there's going to be a fairly lengthy consolidation process here. But I think the market is signaling to us that it's ready to go up on any positive news, if it's going to rally on the DOE number," said Melek. "...[N]o one is making any money, and you're going to see massive attrition in the nontraditional space faster than many forecasts are thinking."
Melek said it's now up to producers and whether they can hang on. "It depends on how long you're going to remain solvent. How good are your lines of credit?" he said. "That will determine the speed and magnitude of attrition. They can't cover these operations."
Another negative hanging over the oil market is the very strategy that caused prices to crater.
Read MoreNo sign Saudi will ride to rescue
OPEC drove already falling oil prices into a tailspin when it initiated a policy in November 2014 of letting the market set prices. Saudi Arabia is behind that strategy, and on Thursday the chairman of its national energy company reaffirmed that position.
Khaled al-Falih, chairman of state oil company Saudi Aramco, said the kingdom could withstand low crude prices for a "long, long time" and that it would not act alone to support the market.
Blanch, speaking on "Fast Money Halftime Report," said there are no signs OPEC will change course even though some of its members are pumping oil at a loss.
"OPEC has always acted behind big demand events — 1998, 2001, and 2008 — but this time around, it's a supply event. There's a price war going on between the cartel and non-OPEC producers, but more recently between Saudi Arabia and Iran, as the two refuse to cooperate to balance production even within the cartel," said Blanch.