Filed under: Market matters, Schlumberger Limited (SLB), ConocoPhillips (COP), BP p.l.c. ADS (BP), Oil, Cramer on BloggingStocks
TheStreet.com's Jim Cramer says the price of crude isn't high enough to reignite the oil drilling companies.
Crude's awesome and it's really pushing up the whole complex. The stocks of the oils and the oil drillers are powering higher even as drilling is going down hard. Is it possible that the integrateds are right and the drilling stocks are wrong? Or should they both be going up together?
I wrestle over this issue every day because one of the main reasons why oil is going up, besides the endless "dollar-going-down-oil-safe-haven" trade that the media loves to go out with in order to sound smart, is that the drilling around the world has been cut back dramatically. I think that a deal like Suncor (NYSE: SU) (Cramer's Take) and Petro-Canada (NYSE: PCZ) (Cramer's Take) is great for the oils. It makes me recognize that there is value here in the group. I also believe the demand is real.
Continue reading Cramer on BloggingStocks: Skeptical of oil drillers
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