As the decline in brent crude oil continues, Goldman Sachs poured more salt on the already gushing wound of the oil sector Monday. Goldman made a bold move when it slashed oil forecasts, citing abundant supply and lackluster demand.
Of course, Jim Cramer has never been one to follow the crowd, and he smells a fish. He is skeptical of the downgrade, just judging by the history of the firm.
"There was a time when I would have burned the whole oil group in effigy here and ridiculed them. Now, I'm just looking a tad askance at this big, bold call that's crushing the oil patch long after it's already been bent, spindled and mutilated," said the "Mad Money" host.
The skepticism is stemming from conflicting Goldman reports all over the place.
The first Goldman report that Cramer examined said that brent crude is headed as low as $80 a barrel by summer of 2015. This is a radical change from Goldman's previous projections of $100.
Cramer also looked at a January note from the exact same analyst, which said oil could hit $150 a barrel by 2015.