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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 ( BP). A bigger play is Permian Basin Royalty Trust ( PBT).

For something with more pop, try ConocoPhillips ( COP), 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) and Oceaneering ( OII) are good buys.

Cramer: Forget Oil Inventories, Find the Bargains

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) 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). "It doesn't have great growth on yield," he said. "Our oil guy is Nordic American Tanker ( NAT) and our dry bulk play is Britannia Bulk," he said.

Stockpickr

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).

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.

Lightning Round

Cramer was bullish on Alliance Resource Partners ( ARLP), Phillip Morris ( PM), CRBL ( CBRL), and Grupo Simec ( SIM).

He was bearish on Oshkosh ( OSK) and China Finance Online ( JRJC).

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 TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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