That's why it is more important than ever to follow Brent. You need to notice that the $108 level represents a strong market that's not going to come down much at all, even given the additional 1.5 million barrels that are expected to hit the market as we free up some of the sanctions on Iran.
Because our markets aren't linked that well at all with Brent right now, don't expect a further decline in West Texas. But don't expect an increase, either.To me, stasis at the $93 level seems about right, with an occasional dip to $91 and an occasional increase to $95. That's barring some sort of shock to the system -- the odds of which just went down pretty dramatically thanks to this historic agreement.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in stocks mentioned.
Editor's Note: This article was originally published at 7:45 a.m. EST on Real Money on Nov. 25.