NORDIC POWER-Forward prices slip as European gas market declines

March 10 (Reuters) - Nordic forward power prices fell on Tuesday, tracking downturns in the European gas and German power markets, as U.S. President Donald Trump predicted a quick resolution to the Middle East conflict.

Nordic front-quarter baseload power contract ENOFBLQc1 fell 2 euros, or 3.8%, to 52.50 per megawatt hour (MWh) at 1010 GMT.

Nordic front-year power contract ENOFBLYc1 lost 0.55 euros, or 1.2%, at 43.75 euros per megawatt hour (MWh).

"Lower gas prices are pushing down the Nordic power market today, as is the German market (which) is significantly down," said LSEG power analyst Ole Tom Djupskaas.

Oil prices plummeted 7% on Tuesday after Trump said the Middle East conflict could end "soon", easing concerns about prolonged disruption to oil supplies. O/R

Dutch and British wholesale gas prices retreated from 3-year highs on Tuesday morning, mirroring movements in the oil market. NG/EU

Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, fell 5.4 euros, or 5.5%, to 92.65 euros per MWh.

On the weather front, "the rest of this week and most of next week will be cloudy or overcast with frequent rain, especially in the western and southern parts," said LSEG meteorologist Georg Mueller.

Nordic water reserves available 15 days ahead PCAEC00 were seen at 23.99 terawatt hours (TWh) below normal, compared with 23.91 terawatt hours (TWh) below normal on Monday.

In the European carbon market CFI2Zc1, the benchmark contract rose 1.71 euros, or 2.4%, to 72.61 euros a ton.

Meanwhile, the Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, was down 2.48 euros, or 2.4%, to 102.35 euros per megawatt hour (MWh).