Price Discovery Is Slippery for Oil Plays By Jim Cramer About this article: Chevron's stock is saying oil is going to the $50s. Either that or Chevron's ridiculously undervalued. I pick on Chevron because it's been all over the map but also because it was at this level when oil was in the $50s, and it has nice yield support. I am thinking that what has to happen here is that the oils somehow have to diverge from the futures. I say that because the futures prices have meant very little to the oil companies in reality. They sold at lot of oil up high, but almost none of them locked in these prices. (Linn Energy locked in the high natural gas prices for multiple years, but they are the only one in the universe of closely followed stocks that I know did such a thing.) Because the futures tend to be in the hands of non-oil... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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