What's Working in the Oil Patch

Oil's found a level. I think it can go down a little bit, but the incredible action in the drillers and the infrastructure plays tells it all.

I know that the GlobalSantaFe (GSF - commentary - Cramer's Take)/Noble (NE - commentary - Cramer's Take) chatter out of Norway -- a possible bid from SeaDrill coming this weekend -- may be jacking the service group up. But the big infrastructure move that hasn't been repealed tells me that oil's $60 bottom is most likely not going to be breached.

That's too bad in the sense that we do need the inflation numbers to look good. (I am expecting a "lite" employment number tomorrow, but not a lite wage component.) But it verifies the need -- even in the absence of terror momentarily -- to stay long one of these. Refinery plays, wildcatters, integrateds and drillers are all working.

This group -- and the minerals -- are off to a strong second-quarter showing.

I am betting it stays that way.

At the time of publication, Cramer had no positions in any of the stocks mentioned.

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