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Snap up the oil patch! Stocks ready for buying

Resilience in oil duly noted: Cramer

Jim Cramer can't help but notice just how resilient the oil market is, and he likes what he sees. Black gold managed to stand its ground on Wednesday and had a nice bounce in price, despite the fact that crude inventories showed a buildup of supply.

"Something has clearly changed and changed for the better," the "Mad Money" host said.

To illustrate just how positive Cramer is feeling about the oil market, he covered each animal individually—crude supply and oil stocks.

Almost every day of the week, Cramer interviews a different CEO for "Mad Money." That means he has his eyes and ears on the ground with top CEOs of the oil industry to get their take on what is happening. Executives he has spoken to are firm on the fact that they think there is still demand for oil in the low $40s.

Could we really be swimming in a sea of oil?

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Cramer wonders if we were really swimming in crude, why the heck would we still be importing 7 million barrels a day? Sure, some of the refineries are obligated to take the 1 million barrels of crude from Saudi Arabia. We could still shut down the imports from places like Venezuela or Mexico—but we are not.

Next up were the oil stocks and while Cramer does have a bearish forecast in the long-term, he can't help but acknowledge some of the good things happening right now.

"The most important thing you need to know about these stocks is that the expectations are low, so low, in fact, that they could be beaten," Cramer said.

There have been various secondary offerings that have been brought to the market that managed to pull off some pretty snazzy returns. For instance, Carrizo priced a big chunk of stock at $45 a share and it now trades at $50. Likewise, Concho Resources offered a deal at about $112 a share, and it's now trading at $118. Those are just a few of the deals that had Cramer salivating.

Remember that disaster that was supposed to swallow up the whole oil patch? It never happened.

Cramer recommended that it is time to jump in and buy oil or oil service companies. He even snapped up some Schlumberger for his charitable trust, and can't wait to expand the position.

"There are just way too many positives developing here, in a group where people have gotten too negative," he added.

Read more from Mad Money with Jim Cramer
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Yes Cramer is concerned about the nuclear deal situation with Iran and fears that they may add a few more million barrels of production per day. But the oil market isn't stupid; it likely expects this, and has a discount already in place to accommodate this, though Cramer thinks it won't happen.

So now is the time to strike while the iron is hot. Expectations for the oil patch have become so low, that investors are in the right place to start doing some buying.

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