NORDIC POWER-Forward prices rise on forecasts of colder, drier weather

March 27 (Reuters) - Nordic forward prices ticked up on Thursday, buoyed by forecasts of colder and drier weather in April, but rising water reserve levels capped gains.

The Nordic front-quarter baseload power contract ENOFBLQc1 was set to snap a four-session losing streak, adding 0.15 euros to 23.05 euros per megawatt hour (MWh), as of 1139 GMT.

The Nordic front-year contract ENOFBLYc1 gained 0.42% to 36.25 per megawatt hour (MWh).

Ivan Fore Svegaarden, chief meteorologist at TradeWpower AS, said the current prices likely indicate forecasts of colder, drier and calmer weather later on into April.

"However, there's a scary high hydrological situation in northern Scandinavia."

Nordic water reserves available 15 days ahead PCAEC00 were seen at 12.22 terawatt hours (TWh) above normal, compared with 11.92 TWh on Wednesday.

LSEG meteorologist Georg Muller said that the next few days will be unsettled and rather wet and windy, before next week's sunnier and drier weather.

"Temperatures will be quite high and mostly slightly above normal," he said.

Dutch and British gas prices traded in a narrow range amid a forecast for milder weather as the market closely monitors developments on a Russia-Ukraine deal.NG/EU

In the European carbon market, the benchmark contract CFI2Zc1 shed 1.84 euros to 68.99 euros a tonne.

German year-ahead power TRDEBYc1 remained unchanged at 84.7 euros per MWh.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 22.77 euros to 21.78 euros per MWh.