EUROPE POWER-German forward contracts up on concerns about Hormuz

PARIS, May 4 (Reuters) - German forward curve power contracts rose on Monday morning following higher oil and gas prices as the Strait of Hormuz remained largely closed due to the U.S.-Israeli war on Iran.

• German year-ahead baseload TRDEBYc1 was up 2.4% at 92.20 euros ($108.00) per megawatt hour at 0832 GMT, according to LSEG data.

• The German June baseload contract TRDEMc1 was up 1.1% at 84.91 euros/MWh.

• The gas-dependent German market remains in a fragile situation due to the closed Strait of Hormuz and very low storage levels, analysts from Mind Energy said.

• Dutch natural gas prices traded a touch firmer on Monday with contradictory messaging from the U.S. and Iran on whether ships can pass through the Strait of Hormuz, where liquefied natural gas (LNG) supply remains trapped.

• Iran's military warned U.S. forces on Monday not to enter the Strait of Hormuz after President Donald Trump said the U.S. would start helping to free ships stranded in the Gulf by the U.S.-Israeli war on Iran.

• On the May Day holiday, spot prices fell to around minus 500 euros/MWh at midday, similar to levels recorded the weekend before.

• "This was driven by high temperatures, very weak demand, and strong renewable generation, highlighting the growing need for system flexibility," analysts from Engie's EnergyScan said.

($1 = 0.8537 euros)