Boone Pickens stands by his call that oil goes up

Oil and natural gas will be higher in 1-yr: Boone Pickens
Oil and natural gas will be higher in 1-yr: Boone Pickens   

Energy entrepreneur Boone Pickens said on Monday that he is standing by his call that oil goes higher this year and higher next year.

"You are now at record inventories," he said in an interview with CNBC from the Milken Institute Global Conference. "A year from now you are moving toward record low inventories."

Pickens predicts $70 per barrel of oil by the end of this year and prices in the $90 to $100 range in the next 12 to 18 months.

Read More Brent oil $90 to $100 in 12 to 18 months: Pickens

Pickens also predicts that natural gas will be higher in 12 months, although he won't give it a price target.

"I'm not ready to call the turn on natural gas yet other than to say it will be more than $3 this winter, and I'm long natural gas in the winter," he said.

T. Boone Pickens
Justin Solomon | CNBC
T. Boone Pickens

He explained that gas is so cheap now because of a massive oversupply, but that could change as more transportation starts to transition to it.

"There's been so much switching over to natural gas that the supply is going to feel it at some point."

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