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) and PPG Industries ( PPG). 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.

Shorting Valero Energy ( VLO) or Chesapeake Energy ( CHK), for example, when oil and natural gas falls is too obvious, he said.

In response to a question about Altria ( MO), 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 Refco ( 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), 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 Broadcom ( BRCM) 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) for a trade.

Cramer expects Google ( GOOG) to report a good quarter Thursday evening but cautioned that there could be some initial misinterpretation as there was with Yahoo!'s ( YHOO) 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 Statoil ( STO) 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 EnCana ( ECA) 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) 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). He also likes Halliburton ( HAL).

Schlumberger ( SLB), 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 Chevron ( CVX) is a buy at $55, and he also likes ConocoPhillips ( COP).

( FCNTX) 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 Pfizer ( PFE) and Merck ( MRK).

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.

1. Pigs Get Slaughtered 2. It's OK to Pay the Taxes
3. Don't Buy All at Once 4. Buy Damaged Stocks
5. Diversify to Control Risk 6. Do Your Homework
7. Don't Panic 8. Buy Best-of-Breed
9. Defend Some Stocks 10. Don't Bet on Bad Stocks
11. Own Fewer Names 12. Cash Is for Winners
13. No Regrets 14. Expect Corrections
15. Know Bonds 16. Don't Subsidize Losers
17. No Room for Hope 18. Be Flexible
19. Quit When Execs Do 20. Patience Is a Virtue
21. Be a TV Critic 22. When to Wait 30 Days
23. Beware the Hype 24. Explain Your Picks
25. Find the Bull Market
Check back for more of Cramer's Rules

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 TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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."

More from Personal Finance

'Worn-out' Shoemakers Still Have a Chance to Heal

'Worn-out' Shoemakers Still Have a Chance to Heal

Summer Travel: The Best Places to Visit in the U.S.

Summer Travel: The Best Places to Visit in the U.S.

9 Best Investment Books for Beginners

9 Best Investment Books for Beginners

How to Calculate Your Net Worth and Pin Down Your Financial Health

How to Calculate Your Net Worth and Pin Down Your Financial Health

The Best States for Millennials' Money and Health

The Best States for Millennials' Money and Health