“The word is that there is a developing rig shortage,” Cramer said during Friday’s Stop Trading!.
The speculation has reached the level, Cramer continued, where people expect National Oilwell Varco will have to build more rigs to meet the demand. Investors will know whether or not that’s true when Schlumberger reports earnings on Oct. 23. Cramer expects the company’s CEO to give a status report on the industry.
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Also in the oil and gas sector, Cramer said that after hearing statements from Chesapeake Energy this week natural gas should enjoy a similar boost.