"Candle on the Water" is the signature song written by Al Kasha and Joel Hirschhorn from Walt Disney Pictures live-action/animated film Pete's Dragon. It is sung by Nora (Helen Reddy) and was nominated for the Academy Award for Best Song in 1977, though it lost to "You Light Up My Life".
The setting for the song is entirely on the balcony of the lighthouse in which Nora and her father, Lampie, live. She sings it to her lover, Paul, who has been lost at sea for over a year but she thinks he will return one day. One night Lampie teases her about this and she retires to the balcony to sing toward the ocean, assuring Paul that she is still waiting for him.