It should be forward looking. In fact, NG is trading for May 2013 contract.
Injection started. Please, go read PB's analysis and see how his model is projecting injection.
As CNBC article noted, there is no room for NG to run in 2Q. In fact, they are predicting pull back to $3.50-$3.60 in 2Q. But, they noted it will happen very quickly. Current price is running massive premium and forward looking has priced in forecasted EIA report already and it is time to pull back. More and more bearish news to come. It isn't just a profit taking but start of pull back in NG. Take a profit if you have and get into INVERSE! GLTY!