There's something bizarre happening with oil stocks—but Jim Cramer likes what he is seeing.
Every time oil goes up, oil stocks go with it. When crude goes down, the corresponding stocks go down less. Then oil goes back up, and new highs are reached in the oil stocks. All that means they are continuing to inch higher and higher.
"This is a new dynamic where we recognized that no matter what happens in this country, there are forces overseas that are truly driving the bus," the "Mad Money" host said. Simultaneously, "the shale depletion rate picks up, making the majors more valuable and the independents more vulnerable."
The most impacted group from the rise in oil and gas are the banks. Many have an extensive amount of energy exposure, yet Cramer noted that the banks are trading at levels that suggest the book value is nonsense.
Cramer recommended Wells Fargo as the best option from the banks. It was initially pulled down by oil, and could move back up with it.
"With the downside of oil defined, and the up side meaning less to the stocks, there is a lot to like here," Cramer said.