Each contract covers 1000 barrels, so for 50 million barrels he would need 50,000 contracts.
1,000*50,000=50,000,000
ask price for 105 PUT apr is 2.43 so:
50,000,000*2.43=121,500,000
Did you consider time he would need to get this through the market with average of 20-30 contracts on...