After a plateau last month, the main index has fallen by 5.4% with sharp drops in both the FPVV and CFD indices. Most of these offers come off the back of the government announcement for LNG, and with a wetter and cooler summer period this was expected.

One interesting point to mention is price volatility, which is still significant: while ASX futures at both Otahuhu and Benmore are roughly the same as they were last month, between times we have seen prices shoot up and down, sometimes considerably.

Weather-wise, things have settled down a bit, meaning less rain in hydro catchments around the country. Lake levels are now returning to their medians, and Earth Sciences New Zealand’s seasonal outlook suggests this may continue through to winter.