AKJ

Oil: If You Can't Beat 'em, Join 'em Using Credit Spread Options

The August 104s and 96s are puts. That detail isn't mentioned in the article but explains why the 96s are cheaper than the 104s. This article could have used a proofread for clarity. I think the sentence starting with "Conversely" is missing the introduction to the "bear" strategy.

Would be good to mention commission costs here too because I imagine they eat up a considerable portion of your theoretical profits and ensure you can't enter into this position for zero cost. If an option is exercised (likely if the options he sold go in the money) the commissions are even higher. Not an issue when you trade $100k+ at a time, a big issue when you trade <$1k.