Your actually speaking out off of both sides of that forked tounge...
You say CHKs hedge is a negative... and then you point out that spring is here and imply that warmer weather will cause an increase of storage and a decrease in price...
But if the price drops the hedge becomes a huge bonus
CHK has about 50% of its production hedged a bit below the current price...
So any moron can see that CHK is protected if prices drop and has money to make if nat gas increases.... not to mention they can ramp up production and take advantage of a spike up on two fronts... selling gas at higher prices and hedging into the future at a higher price...
Then their production increase will flatten out prices that makes all their hedges look good