Jim Cramer says there is a bull market in oil and gas thanks to recent big mergers

Chevron announced Monday it would buy Hess in a $53 billion deal, while Exxon Mobil agreed to buy rival Pioneer Natural Resources for $59.5 billion earlier in October.on Monday said he sees a bull market in oil and gas. He said oil stocks are increasing in value thanks to two major oil company mergers as well as the rising price of crude.

"I'd argue that there's always a bull market somewhere and right now it's in the oil and gas cohort group," Cramer said.These recent mergers reminded Cramer of oil takeovers in the early 1980s, when he said major companies realized "it was cheaper to drill for oil on Wall Street than in the ground." To Cramer, Chevron can use its large budget to make deals that increase earnings almost immediately.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jim Cramer urges patience before buying stocks this week. Here's why.CNBC’s Jim Cramer said investors shouldn’t read too much into Monday’s stock moves.
Source: NBCLA - 🏆 319. / 59 Read more »

Jim Cramer urges patience before buying stocks this week. Here's why.CNBC’s Jim Cramer said investors shouldn’t read too much into Monday’s stock moves.
Source: NBCDFW - 🏆 288. / 63 Read more »

Jim Cramer's top 10 things to watch in the stock market MondayU.S. equities edge lower in premarket trading Monday, while Club holding Walt Disney is reportedly close to selling its India operations.
Source: CNBC - 🏆 12. / 72 Read more »