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The release of the oil inventory number on Wednesday could offer investors a chance to buy oil stocks, Jim Cramer told viewers of his "Mad Money" TV show Friday.

The oil inventory number will cause "considerable hoopla" because traders will be fixated on it. Cramer, however, called it a "contrary indicator." Despite the noise, it doesn't affect the price of oil, he said.

Indeed, "if you go against it, you get your best trade of the week," said Cramer.

The oil inventory number usually comes in around where short-term traders expect it and represents a domestic inventory number. If it is a little more than predicted, then the "world goes insane," said Cramer. "If it goes high, then oil prices plunge."

So here's Cramer's game plan.

If the number shows a big inventory build-up, you should be buying while everyone else is selling off oil stocks, he said.

The caveat? If the oil inventories drop, take a pass and try again next week.

A relatively safe oil stock is


(BP) - Get Report

. A bigger play is

Permian Basin Royalty Trust

(PBT) - Get Report


For something with more pop, try


(COP) - Get Report

, an integrated balanced refiner with a natural gas focus is the choice.

For a pick in the coastal drilling sector,

CGG Veritas

( CGV),

Smith International

( SII),

FMC Tech

(FTI) - Get Report



(OII) - Get Report

are good buys.

Cramer: Forget Oil Inventories, Find the Bargains

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There's also

El Paso

( EP), one of Cramer's favorites.

EP has not kept pace of late, he said. "Take advantage of the fact it is hanging around $21 and pull the trigger," said Cramer. "It is one of the most undervalued in the group. I say buy, buy, buy."

Next week is a short trading week and the market needs to catch its breath, said Cramer. "The declines have been brutal, swift and nightmarish except for a handful of companies," he said.

Speculation Friday

Cramer brought up a stock that went public last week but has since gone lower.

Britannia Bulk Holdings

(DWT) - Get Report

is a dry bulk shipping company that has pulled back hard. "I didn't recommend the IPO because $15 a share was too high," he said.

Britannia Bulk operates 13 bulks ships, five ocean barges and four tug boats. When the Baltic freezes, most ships can't travel through it, but Britannia has several ships than can cut through the icy waters. The company's ships are used to transport coal, agricultural commodities and fertilizers.

Britannica Bulk's IPO was negatively affected by a quick downturn in the Baltic Dry Index, after the Chinese government ordered a reduction in ore stockpiles.

Britannia Bulk was a "real loser" for anyone participating in the IPO but it will be a winner for Cramerica if an investor moves in to buy the stock at $12.80, where it closed Friday.

Cramer said the Chinese action was "temporary," noting the Baltic Dry Index should head back up when supply and demand return to normal.

Another reason why the stock is attractive is its 8.8% dividend. "We like these bulk dry shippers for their dividend yields," he said.

Because Britannia Bulk is a small company, Cramer cautioned it is important to buy the shares in increments and use limit orders. "Don't buy this stock recklessly," he said.

"If you pay over $13 a share, you are not getting a good deal," he said. "At $13.50 you are positively getting ripped off. Remember, higher the price, the lower the yield."

Britannia has six more ice class bulk ships on order, which will help it make more money and send the share price higher.

"Wait for pullbacks before you buy," said Cramer. "You will get plenty of chances to buy because the Baltic Dry Index is volatile."

Cramer also asked listeners to pass on

Navios Maritime

(NM) - Get Report

. "It doesn't have great growth on yield," he said. "Our oil guy is

Nordic American Tanker

(NAT) - Get Report

and our dry bulk play is Britannia Bulk," he said.

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A Play on Support Ships

All week, Cramer has urged Congress to lift the moratorium on offshore drilling.

Friday's pick in cleaner off shore drilling technology is

Hornbeck Offshore Services

(HOS) - Get Report


Hornbeck makes offshore support vessels (OSVs) that are the lifeblood of offshore drilling. OSVs enable rigs to remain upright during extreme weather so they don't float away and jeopardize operations. As more rigs move offshore, they become more isolated and OSVs help in bringing supplies and removing waste. They are equipped with firefighting equipment and help with repairing rigs.

There's a shortage of OSVs right now and there's a need to update these vessels. With the second largest fleet off the Gulf of Mexico, Hornbeck is in a position to command better rates for their OSVs.

The company has sent some of their newest OSVs to Brazil and is involved in a lot of decommissioning projects in Gulf of Mexico. Hornbeck could also sell its tugboat and barge business and use the proceeds to buy more OSVs, said Cramer.

The stock sells at 11.2 times its earnings. It is a small company with only 20 million shares traded. Cramer said investors should use limit orders when buying and wait for a pull back before you pull the trigger.

Motoring with Baldor

Cramer gave his stamp of approval to

Baldor Electric

( BEZ), which makes a large variety of industrial motors ranging from those used in medical equipment, semiconductor manufacturing to those in mining and oil and gas machines.

"Anywhere there is movement, there's a motor," John McFarland, chairman and CEO of Baldor told Cramer. "We don't make any motors that you find in your home or in your car."

No residential and no auto markets is something I like, said Cramer.

Baldor's stock has dropped 3% since June 17, making it attractive play on the pull back.

Over the last 18 months, Baldor has doubled its sales, doubled its profit, paid off $235 million in debt and increased its global footprint.

"We have done a very good job of transforming the company," said McFarland. "Our business is solid and we are quite pleased with how we are doing in Europe, Asia and North America."

Cramer agrees. Stick with Baldor, he said.

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Lightning Round

Cramer was bullish on

Alliance Resource Partners

(ARLP) - Get Report


Phillip Morris

(PM) - Get Report



(CBRL) - Get Report

, and

Grupo Simec

(SIM) - Get Report


He was bearish on


(OSK) - Get Report


China Finance Online

(JRJC) - Get Report


Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


For more of Cramer's insights during the Lightning Round, click here


At the time of publication, Cramer was not long on any stock.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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