Jim Cramer on Oil

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All quotes by Jim Cramer on Oil

Once that happens, we go right back down to $40, and perhaps even fall to the high $30s, which is why Garner's tentative target is for oil is $39.feedback

So many traders assume the momentum will continue in either direction, and they keep getting caught on the wrong side of the trade, which Garner says is exaggerating the volatility of the oil market.feedback

At the same time, we've got a floor of support in the low $40s. So the next time you feel like going all in on the oils near $50, please just refer back to this chart. Above $50, many producers in the Permian [Basin] can come in and make a fortune selling oil futures, so the market gets flooded with new supply, and when you increase supply without boosting demand, prices go down. That is economics 101, people.feedback

This market lives on the edge at all times because it no longer trades in unison. It's made up of a whole bunch of little submarkets. So stay in the bull markets, namely tech and health care, and avoid the bears, like oil and retail, and you'll be just fine.feedback

You can't have both of those go up. It's antithetical. That is like oil and water.feedback

First, bond buyers are transfixed by oil and its plunge down today to $43.feedback

Second, while it's true that the OPEC production cuts haven't done enough to stem the glut – in fact U.S. production, barrel for barrel, is making up for whatever's been taken out – the demand for oil is not declining as the bears would have you believe.feedback

I think that picking at the oil stocks as crude gets to $43 will make you money, even though the long-term doubt is quietly surfacing as a real issue to watch, but not for this decade, but certainly beyond.feedback

With oil stuck in the $40s, this stock just keeps languishing in the single digits. And we know why: the cost of production here in the United States has gotten so low that our domestic companies can flood the market with supply whenever oil goes above $50 a barrel.feedback

What surprised me the most today, though, was that the rally also included health care stocks that had been stalled, chiefly pharma and biotech, as well as industrials that are involved in the extraction of oil – think Caterpillar and Helmerich and Payne – which, until today, candidly, had been 'the house of pain'. The Treasury can't afford to run out of money and this could further delay the Trump agenda for tax reform and repatriation. I smell trouble here.feedback

Of course, bounce' is the operative term for the banks, the oils and the retailers. These are trades, people, as part of a difficult rotation spurred by a higher Fed funds, the potential for a Nordstrom buyout, and oil plumbing for a bottom. The moves don't have staying power, although I repeat that I think that Nordstrom's stock is too low and should be bought here, and that some of the banks and oil stocks have finally gotten too cheap to ignore.feedback

It was the first to lay off people because it saw the downturn in crude coming, and it's been the last holdout against the oil bulls, effectively just saying there is no bottom coming in 2017. That's a chief reason why Schlumberger's earnings have been so, I'd say, sub-par versus, say, Halliburton, which gets much more of its business from servicing on-shore drilling.feedback

Crude's come under pressure any time we get a big jump in rigs. Why does it matter so much? Because each rig can produce a ton of oil and whatever OPEC tries to keep off the market has been more than made up by our own oil companies in shales like the Permian in Texas, SCOOP and STACK in Oklahoma and the Bakken in North Dakota.feedback

Trump's pushing fossil fuels all over the place, but coal just isn't economic versus natural gas in most parts of the country. Trump favors aggressive oil drilling, but all that will do is cause more of a glut and lower prices. Self-fulfilling.feedback

Elliott Management's debacle with Hess is very enlightening, because at the time it seemed like Elliott knew what it was doing, but a couple of years later it became clear that they had put Hess in a really poor position to deal with the huge sell-off in oil.feedback

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Quotes by Jim Cramer on Oil

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