Oil is coming off its best session since early April, but if you're hoping it's signaling higher prices to come, one of Wall Street's most closely followed analysts warns investors should prepare to be bummed out.

"We're setting ourselves up for a triple disappointment," said Tom Kloza of Oil Price Information Service on CNBC's "Futures Now." Crude oil rallied more than 4 percent on Thursday. "The first disappointment comes next week when we get back lots of the crude oil that didn't arrive in the United States because of storms."

The energy analyst continued by noting that he expects nothing of significance to come from Friday's OPEC meeting in Paris. Additionally, Kloza anticipates that U.S. refiners will start to ratchet back production in late-September and October as crude demand wanes.

"It would be tough for me to make a case for crude oil going more than a few dollars a barrel higher than it is right now," explained Kloza. "We're still in that $42 to $50 trading range. When it gets near the lows, it's a buy."

Crude hit a new high of $47.69 on Thursday, its highest level in nearly two weeks back to when the commodity traded as high as $48.46. However, Kloza believes a sell-off could occur because of these potential pitfalls, as well as challenges that come with gaining accurate data on oil levels in the U.S.

"We put too much faith in EIA, particularly in the energy department's weekly numbers," noted Kloza in reference to the U.S. Energy Information Administration.

Kloza feels that the Administration's most recent findings, which indicate a massive drawdown being part of a discernible trend, were flawed due to the fact that the data was based off a holiday weekend compounded with a tropical storm.

"They're behind the curve on some of the information," complained Kloza in reference to the EIA, which is tasked with providing independent analysis of the nation's supply levels and prices for coal, gas and oil. "Their short-term energy report suggests lower North Sea and Russian production in 2017. We see higher. That is certainly a hurdle for the market to overcome down the road."