NORDIC POWER-Forward prices tick down on wet weather outlook

March 20 (Reuters) - Nordic forward power prices ticked down on Friday, pressured by forecasts for precipitation in the hydropower-dependent region, while range-bound in the European gas market and tighter water reserves prevented further downside.

Nordic front-quarter baseload power contract 0#NSBLQ: fell 0.5 euro to 58 euros per megawatt hour (MWh) at 1028 GMT.

Nordic front-year power contract 0#NSBLY: lost 0.05 euro to 46.7 euros per MWh. Both contracts were up about 4% for the week.

"High pressure over the continent will move to near the British Isles, which will allow for increasing Atlantic low-pressure activity over Northern Europe," said LSEG meteorologist Georg Mueller.

"The resulting weather will be generally unsettled with near or slightly above normal precipitation."

Benchmark Dutch wholesale gas prices traded sideways on Friday morning, as some European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz. NG/EU

Forward prices in the Nordics often move in line with European gas sentiment.

Benchmark Brent oil prices were on track to rise nearly 7% for the week so far. O/R

Nordic water reserves PCAEC00 were at 26.06 terawatt hours (TWh) below normal, compared to 24.86 TWh below normal on Thursday.

In the European carbon market CFI2Zc1, the benchmark contract rose 4.48 euros, or 7%, to 68.13 euros a metric ton.

Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, rose 2.6 euros, or 2.68%, to 99.6 euros per MWh.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 34.25 euros to 87.43 euros per megawatt hour (MWh).