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TheStreet.com TV Recap: Oil Stocks Still Have Gas

Cramer says inventories aren't the big deal some people are making them out to be.

People have to stop trading off of oil's bearish inventory data, Jim Cramer said on TheStreet.com TV's Wall Street Confidential

Web video Wednesday.

Investors are trading off a very small part of the market, which is U.S. inventories, and that's "stupid," he said. Stocks trade off of beating earnings estimates, and "all of the oil stocks will beat earnings estimates."

They also trade off of capital redeployment, Cramer added. "If you look at

Chevron

(CVX) - Get Report

, they're buying back $15 billion

worth of shares," he said. Yet the stock is down today because of inventories.

The oil group is "such a natural place to go" that Cramer said he has to emphasize to everybody to find an oil stock and go with it. He pointed out

Schlumberger

(SLB) - Get Report

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, which is down by more than 3%, as a buying opportunity.

"Any time oil goes down under $80

a barrel, you have to buy an oil," Cramer told viewers. "Do I think oil is going to $100? Yes, I do."

The Organization of the Petroleum Exporting Countries wants to send oil higher "because they're getting killed on the dollar," he said.

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