I believe it is at least partially baked in. True that the weather is still not that bearish, with cool north. But the effect should become reduced with less need for heating. The gas market is for sure a funny thing. The speculation can drive it one way, and then the other, even when the fundamentals haven't really changed. In early Jan and all of March, storage was not an issue, while in Feb and April it was. This past month the injections were the story. One thing for sure is the moves in the current month sort of go against the same move in the next at least in the first 1/2 of the month. This is that fraudamentals with speculators that drive the price in inconsistent directions on a given fundamental. The media always finds a reason to explain, but those reasons don't always hold. Personally I'm throwing the book out for mid/longer term trading again, and just looking very short term, whichever direction I see is more immediate, as it seems to work better for me.