TheStreet.com's Jim Cramer says both oil futures and equity futures can move these hot issues.

Will the futures pull down the oil and gas stocks today? No, I don't mean the oil futures, I mean the equity futur

Last week when oil exploded, we caught two days of trading that dropped the stocks hard. We caught a bit of a bid in the nat gases like Chesapeake (NYSE:CHK) and Devon (NYSE:DVN) but at the end of the day, but the stocks were truly overwhelmed by the simple fact that they are in the indices.

This pattern has really held down the integrateds: last week Conoco (NYSE:COP) should have exploded, but it couldn't because it is such a big part of the S&P. Chevron (NYSE:CVX) and Exxon (NYSE: XOM) are no different.

The natural gas stocks are not as big a factor, but they can be rocked down without a problem.

I am not saying to avoid looking at the oil futures. They can control the stocks. I am saying that the equity futures tide can take down anything, even when the oil futures spike hard.

"The global supply picture is extremely bullish for crude oil," says energy expert Elliott Gue, who is playing this trend through oil services, equipment, and exploration firms including Schlumberger (NYSE: SLB), which he calls the "world's premier oil services play."

The editor of The Energy Strategist explains, "OPEC's current oil output isn't high enough to allow global oil importers to build their crude stocks ahead of the summer driving season. The fundamentals of strong growth in demand, coupled with static to falling supplies, are supporting higher global oil prices."

Further, he notes that unrest and weak output from Nigeria, terrorist attacks in Algeria and tension in the Middle East, and there are additional of reasons to be concerned that supplies could be cut even further from "current anemic levels."

All told, he sees, this as "a recipe for a significant rally in crude." In addition, he notes that global activity remains brisk, He notes, "We've seen no letup in the red-hot pace of international drilling and exploration activity; I expect no such slowdown to develop. In fact, if anything, the current environment should accelerate global oilfield activity."

Oil services -- he explains -- is a "catch-all term" used to describe a wide variety of oil production and exploration-related functions. He notes, "Suffice it to say that producers -- firms such as ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) -- need oil and gas services firms to find and produce hydrocarbons.