Time and time again, Jim Cramer has been asked the same question. Is it time to buy the oils? Prepare yourself—Cramer is ready to make a severe judgment.
The answer is no.
In Cramer's opinion, there was a time to buy oil and now that window has closed. The market heard a lot of chatter about crude on Thursday when the top dog of oil companies, Exxon-Mobil, reported numbers that weren't as weak as expected.
And while the worst of oil is over in his opinion, Cramer is not about to jump for joy just because Exxon reported. In fact, to think that Exxon's report marks some sort of a bottom in oil would be ignoring what has already been happening for months. Exxon doesn't tell us anything about the state of the oil industry other than the fact that in bad times it doesn't do terribly and in good times it is fine.