Natural gas prices are ready to rise: T. Boone Pickens

The Russian nat gas pipeline to Europe

Gas prices are set to rise, according to T. Boone Pickens, chairman and CEO of energy-focused investment firm BP Capital.

"Natural gas prices are going to move up," Pickens said Monday during a CNBC interview on the sidelines of the Milken Institute's Global Conference in Los Angeles.

The cost of gas will increase to more than $5 per one million BTU this summer, Picken predicted, up from a Nymex price of $4.83 now.

Pickens said prices are likely to increase because gas storage has been drawn down and needs to be filled back up.