NORDIC POWER-Front-quarter rates reverse course to edge down

May 12 (Reuters) - Nordic front-quarter power rates reversed course and ticked lower on Tuesday, tracking moves in the German power market.

The Nordic front-quarter baseload power contract NSBLQc1 fell 0.1 euros, or 0.2%, to 59.9 euros per megawatt hour (MWh) at 10:53 GMT. Prices were up as much as 1.7% earlier in the session.

The Nordic front-year power contract NSBLYc1 gained 0.85 euros, or 1.8%, to 49.25 euros per MWh.

German markets are also off their highs, so it seems like it is following the German market, said LSEG power analyst Ole Tom Djupskaas.

Germany's year-ahead power contract, Europe's benchmark, rose as high as 93.25 euros/MWh before easing to 93.05 euros/MWh, up 2.05 euros or 2.3%.

Nordic water reserves PCAEC00 were at 32.96 terawatt hours (TWh) below normal on Tuesday, rising slightly from 33.33 TWh below normal on Monday. Water reserves hit their lowest level since late July 2018 at 35.16 TWh below normal on Sunday.

"The next several days will be dominated by low pressure over northern and continental Europe. Cool and moist air will bring partially wet weather with precipitation mostly in the form of showers. Amounts will be near or slightly above normal," said LSEG meteorologist Georg Mueller.

Dutch and British gas contracts rose as hopes for a peace deal faded after U.S. President Donald Trump said a ceasefire with Iran was "on life support" following his rejection of an Iranian response to the U.S. proposal. Trump referred to Iran's demands as "garbage". NG/EU

The European carbon market's benchmark contract CFI2Zc1 lost 0.58 euro, or 0.8%, to 76.60 euros a metric ton.