August 19, 2021 – Real Money
Jim Cramer: What Do You Do If You Want to Own an Oil?
By: Jim Cramer
Why was this so predictable? All of these technical issues can drive the performance of the stock but it is a commodity and we must always revert to supply and demand when we try to figure out price.
As long as oil was in the $50s and low $60s our producers showed great discipline. But as our oil expert Rusty Braziel from RBN Energy, points out, there is too much money to be made for American producers at the $70 level for them not to break discipline and that's exactly what they did, The rig count jumped up 10 to 500 last Friday on the crude rally in part because, unlike the Wall Street analysts, the people who run these companies know that the price was artificially inflated by OPEC+.
Yes, oil should never have been at $70.
Read the full article here: https://realmoney.thestreet.com/jim-cramer/jim-cramer-what-do-you-do-if-you-want-to-own-an-oil--15746375
