California spot water climbs 5.9 percent in a week to $535.91 per acre foot
The Nasdaq Veles California Water Index printed 535.91 on its August 26 trade date, up 30.06 points, or 5.94 percent, from the prior week’s 505.85, in a year with full reservoirs and no snowpack.
- NQH2O, Aug 26 print
- $535.91 / AF
- Prior week
- $505.85 / AF
- Weekly change
- +5.94%
- Westlands supplemental (Mar)
- $550 to $800 / AF
What happened
The Nasdaq Veles California Water Index (NQH2O) printed $535.91 per acre foot for its August 26, 2026 trade date, a gain of 30.06 points or 5.94 percent over the prior week’s close of $505.85, according to Nasdaq’s index data.
The index tracks the spot price of California water entitlements at the source, excluding conveyance, as a volume-weighted average across five markets, and publishes weekly on Wednesdays. For context, CME has noted the 2012 to 2016 drought roughly doubled the index from about $450 to $1,000 and the 2021 drought pushed it above $1,100.
What it means if you own water here
A near six percent weekly move in late August, after the irrigation season’s peak demand, says buyers are still short. That is consistent with a year whose supply is entirely stored carryover: reservoirs entered the year full, but the April 1 snowpack was 18 percent of average and there is no replenishment until the next wet season.
For sellers in the San Joaquin Valley, the index is the public anchor. Pair it with the district-level numbers: Westlands priced supplemental water at $550 to $800 per acre foot in March, and the index at the source is now inside that band.
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