Crude oil settled 4.2 percent higher on Thursday at $50.48 per barrel, in a day that saw a nearly $5 range. The jump comes after oil fell 8.7 percent on Wednesday and rose 7 percent on Tuesday.
"I like volatility as much as the next guy, but 6 or 7 percent moves in a day is a little tough on a 50-year-old's heart," joked Chicago-based trader Iuorio.
Indeed, the CBOE Crude Oil Volatility Index, which measures the expected volatility of crude, continues to rise drastically. The index hit a new multiyear high on Thursday.
"I think this is part of the bottoming process," Iuorio said Thursday on CNBC's "Futures Now." "I think if crude takes out yesterday's highs [of $52.56], to me, it confirms a little bit of what I think, that the bottom is in."
"I don't believe we're going below $44 again," he added, referring to the nearly eight-year low that oil set in the week prior.