CNBC's Jim Cramer is getting deja vu from the fall in the commodities complex this year.
"I've been noodling over this; going back and forth a lot about … what the analogy is here. I'm beginning to feel like this portion of industrial America, that is, oil, natural gas, steel, iron, anything we make, it's almost like they're folding like the dot-coms" after the bubble burst in 2001, Cramer said Tuesday on "Squawk on the Street."
Oil and natural gas have hit multiyear lows this year amid global growth concerns.
In the early 2000s, many technology companies saw their stocks surging, sending the tech-heavy Nasdaq composite higher. However, many of these companies were unable to sustain their valuations.
"There's a downgrade of Encana today. This is one of the great oil companies of our time," Cramer said. "They've done everything right to be able to make this thing so they are going to survive."
"I think they are [going to survive], but they have a huge amount of debt, and that's what all these companies have in common, as opposed to the dot-coms. The balance sheets are horrendous."
BMO Capital Markets downgraded Encana's stock to "market perform" from "outperform," and cut its price target to $8 a share from $10.
Shares of Encana traded more than 4 percent lower at $4.70.
— Reuters contributed to this report.
DISCLOSURE: Cramer's trust did not own shares of Encana when this article was published.