NEW YORK (TheStreet) -- West Texas Intermediate prices are volatile Wednesday, initially declining to $49.60 per barrel, before reversing its losses. 

In late trading crude was $51.68 per barrel, up 2.3%. According to McNamara Options' Mike McPartland, it's noteworthy that oil prices stayed above $48 per barrel. 

He explained that a close below that level, which has acted as support in recent weeks, could have paved the way for lower prices. 

There have been mounting concerns that crude oil, which is being stored in enormous amounts, will eventually see its storage options evaporate as the commodity begins to approach its capacity limits. 

The amount of oil that's currently being stored is "extraordinary," McPartland said. 

United States Oil ETF USO data by YCharts

However, the concern that oil investors will ultimately run out of storage options in the next few months might not be as big a concern as some may think. 

McPartland says the tough winter weather has prevented refiners from operating at a higher capacity. In fact, some refiners in the Northeast are operating at less than 70%. 

As the weather begins to improve and demand for gasoline picks up for the summer driving season, it's reasonable to theorize that refiners' demand for oil should increase as well, thereby reducing some of the supply currently in storage. 

As for resistance, McPartland is looking at the $55 level, as the commodity remains range-bound between $48 and $55 per barrel.

"I wouldn't be over-anxious to sell" oil unless it breaks below $48, McPartland concluded.