"We have too much oil in this country, which is therefore very good for Valero, frankly," the "Mad Money" host said. "And the glut is so much in the Permian [Basin] that I really do think that Valero can go up 5 or 6 more [basis] points. I think you've got a good one, but remember: With the refineries, they are always trades, because there's no real growth. There's just plan and arbitrage between the price of crude."
The call came after Cramer analyzed the rally in the stock of railroad operator CSX, which chugged up from $25 to $53 in 12 months, including a 50 percent run year-to-date.
"If you ever believed that executives didn't matter, that a CEO was just another semi-replacement cog in a larger machine, this action in CSX is proof positive that the stock market disagrees with you," Cramer said of the company's new chief, railroad veteran Hunter Harrison.
The stock's run began when activist fund Mantle Ridge, led by Wall Street legend Paul Hilal, formed a plan to coerce Harrison into taking the CEO position at CSX.
Since becoming CEO, Harrison has implemented significant changes and cost cuts at the company, driving the stock even higher.
"The market's acting like Hunter Harrison can work miracles at CSX, and honestly, he's already done a very impressive job," Cramer said. "However, this stock has already run up so much that I think if you want to buy shares in CSX, you need to wait for a better entry point if you already don't own it. I hate to chase, so be patient — sooner or later we'll get a market-wide pullback again and then you can pounce on this reinvented railroad."