NORDIC POWER-Forward prices dip on wet weather view, higher hydro balance

April 9 (Reuters) - Nordic forward power prices dipped on Wednesday, weighed by wetter weather forecasts and rising water levels in the hydropower-dependent region.

* The Nordic front-quarter baseload power contract ENOFBLQc1 dropped 0.55 euros to 16.95 euros per megawatt hour (MWh) as of 1100 GMT.

* The Nordic front-year contract ENOFBLYc1 fell 0.54 euros to 33.25 euros per MWh.

* "Today, we see falling prices across the curve, but I consider it more a result of a strong hydro balance and somewhat wetter weather forecasts than because of the overall market turmoil," said Karsten Sander Nielsen, an analyst with Energi Danmark.

* Nordic water reserves available 15 days ahead PCAEC00 were seen at 13.11 terawatt hours (TWh) above normal, compared with 12.22 TWh on Tuesday.

* "Next week will be generally unsettled with frequent precipitation and mostly above normal temperatures. Major changes towards colder than normal or sustained dry weather are not likely before April 20 at least," LSEG meteorologist Georg Muller said.

* Dutch and British gas prices fell in line with wider equity and commodities market sell-offs, as U.S. "reciprocal" tariffs, which have raised fears of recession, took effect. NG/EU

* President Donald Trump's "reciprocal" tariffs on dozens of countries took effect, including massive 104% duties on Chinese goods, deepening his global trade war and spurring more widespread selling across financial markets.

* Meanwhile, European Union countries are expected to approve the bloc's first countermeasures against Trump's tariffs, joining China and Canada in retaliating.

* "I expect the (Nordic) market to remain less turbulent than other markets in the coming time, but if the downtrend across commodities in general continues, it will also offer bearish pressure on the Nordic market," Nielsen added.

* German year-ahead power TRDEBYc1 edged 1.1 euros lower to 79 euros per MWh.

* In the European carbon market, the benchmark contract CFI2Zc1 fell 0.6 euros to 61.46 euros a ton.

* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 23.61 euros to 32.4 euros per MWh.