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Everyone knows which stocks to short when oil and natural gas futures fall. So, take the flipside and look for less obvious trades in companies that stand to benefit from lower oil and natural gas prices such as gaming stocks and chemical stocks, said Jim Cramer on his

"RealMoney" radio show Thursday.

Two stocks Cramer likes are

Boyd Gaming

(BYD) - Get Free Report


PPG Industries

(PPG) - Get Free Report

. Boyd Gaming was down almost every day when oil prices were on the rise, said Cramer.

But, with oil prices lower, Boyd should benefit as people become more willing to drive to Boyd's casinos. Additionally, with two analysts upgrading Boyd today, Cramer believes that the risk is out of the stock.

As natural gas falls, look to the chemical companies, which are heavy users of natural gas, said Cramer. Cramer has been buying PPG. Every dollar that natural gas goes down is 25 cents up for PPG, he said.

Cramer added that PPG reported a "terrific, terrific quarter" Thursday morning when everyone was expecting the company to fall apart. Cramer believes that the risk is out of the stock.


Valero Energy

(VLO) - Get Free Report


Chesapeake Energy

(CHK) - Get Free Report

, for example, when oil and natural gas falls is too obvious, he said.

In response to a question about


(MO) - Get Free Report

, Cramer said Altria's Kraft unit had a horrible quarter and that he was mystified after listening to the conference call as to why.

Long, Unwinding Roads

Nevertheless, the strength of Altria's Marlboro brand saved the day, he said. Cramer reiterated he continues to own Altria (for his charitable trust,

ActionAlertsPLUS) due to its breakup value, which Cramer believes is $100. Altria traded at $73.21 Thursday afternoon.

Cramer said


( RFXCQ) is to blame for the major selling in oil and natural gas stocks this week. He is hearing Refco was a "giant holder of oil and natural gas" and now that the company is bankrupt, it is unwinding those positions.

Cramer believes that the unwinding will be finished tomorrow and at that time, oil and natural gas stocks will be a buy.

In response to a question about

Peabody Energy

(BTU) - Get Free Report

, Cramer said he would be buying the stock now. He believes that Peabody's coal will be in very strong demand for the next five to six years in this country.

Cramer said



is the "best single way to play the gadget second half of the year. " For traders, though, Cramer thinks the stock will be "trapped by the strike" and recommends waiting for the stock to come down a little because it was up more than $1 Thursday to $44.63.

He also likes

Juniper Networks

(JNPR) - Get Free Report

for a trade.

Cramer expects


(GOOG) - Get Free Report

to report a good quarter Thursday evening but cautioned that there could be some initial misinterpretation as there was with



results Tuesday.

In his weekly "Stump Cramer" segment, in which callers ask about obscure and not-so-obscure stocks, Cramer said he would like to buy the stock of



here. The stock is down big from its high and pays a 4% yield, he said.

Commenting more on oil and gas stocks, Cramer said he would wait until


(ECA) - Get Free Report

goes back to $46 or $47 to start a position. EnCana was up big Wednesday on a rumor

Royal Dutch

( RD) had made an offer to buy the company for $65. Cramer said he believes that the rumor is false.

Exxon Mobil

(XOM) - Get Free Report

has been wrecked by the Refco selling, said Cramer.

Cramer's favorite way to play Saudi Arabia's plans to increase oil drilling is drilling contractor

Nabors Industries

(NBR) - Get Free Report

. He also likes


(HAL) - Get Free Report



(SLB) - Get Free Report

, however, needs to fall to $75 or $76, said Cramer, before it would be as attractive as Nabors or Halliburton, he said. Schlumberger traded at $80.06 late Thursday.

Cramer believes that


(CVX) - Get Free Report

is a buy at $55, and he also likes


(COP) - Get Free Report


(FCNTX) - Get Free Report

Fidelity Contrafund

is "one of the best run mutual funds in the world" thanks to its manager, Will Danoff, Cramer said.

Finally, Cramer said it is not too late to sell


(PFE) - Get Free Report



(MRK) - Get Free Report


Interested in more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

. It's a series of articles from Cramer on how to become a better investor. The following table lists some of the rules that Cramer dissects.

At the time of publication, Cramer was long EnCana, Halliburton, Altria, PPG Industries and Yahoo!.

James J. Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict."