Cramer: Want to buy oil stocks? Forget it

Cramer: Too late to buy oils

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.

Oil pumps in operation at an oilfield near central Los Angeles.
Mark Ralston | AFP | Getty Images

Back in February Richard Kinder, the CEO of Kinder Morgan Inc told "Mad Money" that oil had gotten too low and belonged at a higher level. Additionally, Kinder Morgan took the opportunity to acquire Hiland Partners from Harold Hamm's Continental Resources for $3 billion.

As a result, Kinder now has control over the most important asset in the Bakken. It has the pipeline that takes crude from Continental, Exxon and Hess. Those are three of the biggest stakeholders in North Dakota.

Looking back, Cramer can see that the charts of almost all of the oils show we were at the bottom.

At the same time, various distressed oil companies offered stock on the market, that turned out to be great buys.Carrizo offered 4.5 million shares at $45.50, and it's now at $55. Concho offered 6 million shares at $108, and it is now at $126.

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"That's what a bottom looks like, not these actions where many of these oil stocks have now shot up to where they were when oil was at $90. That's right, $30 higher than where it is now," Cramer added.

So Cramer sent a warning to investors interested in the oil patch—now is not the time to buy. You have missed the boat, do not act now.

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