NORDIC POWER-Forward prices head for weekly fall as trade war escalates

April 4 (Reuters) - Nordic forward prices were on track for weekly declines, despite being little changed on Friday, as tariffs from the U.S. and China sparked fears of a global recession.

The Nordic front-quarter baseload power contract ENOFBLQc1 gained 0.75 euros to 17.25 euros per megawatt hour (MWh) as of 1335 GMT, but was down more than 26% for the week.

The Nordic front-year contract ENOFBLYc1 remained unchanged at 34.5 euros per MWh and was set for second-straight week of losses.

Ole Tom Djupskaas, power analyst at LSEG, said higher prices towards the end of the week could indicate profit-taking, as traders view the current level as a strong support after several days of falling prices.

China said it will impose additional tariffs of 34% on all U.S. goods from April 10, the most serious escalation in a trade war with U.S. President Donald Trump that has stoked fears of a recession in the global economy.

Dutch and British gas prices plunged to their lowest in over six months in line with sharp declines in oil and stock markets after China announced retaliatory tariffs. NG/EU

German year-ahead power TRDEBYc1 edged 2.45 euros lower to 80.5 euros per MWh.

In the European carbon market, the benchmark contract CFI2Zc1 fell 2.46 euros to 63.6 euros a tonne.

Nordic water reserves available 15 days ahead PCAEC00 were seen at 10.86 terawatt hours (TWh) above normal, compared with 10.78 TWh on Thursday.

"The weekend and next week will be colder than recently, especially in the southern parts. Cloudiness will increase too, but precipitation will be scarce and mostly in the form of snow showers", said LSEG meteorologist Georg Muller.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, added 11.88 euros to 22.61 euros per MWh.