Forward prices edge lower on wet, windy weather view

Nordic forward prices eased on Tuesday, hitting an over one-week low, pressured by wetter and windier weather forecasts for the coming weeks.

* The Nordic front-quarter baseload power contract (ENOFBLQc1) fell 0.6 euros to 46.9 euros per megawatt-hour (MWh) by 1035 GMT, its lowest level since July 4.

* "We consider falling prices as the most likely scenario today, as the forecasts look a bit wetter... From early next week, above-average rainfall is expected, while wind output is set to increase," analysts at Mind Energy said in a note.

* Nordic water reserves available 15 days ahead were seen at 0.7 terawatt hours (TWh) below normal, compared with 0.32 TWh below normal on Monday.

* "Later next week, generally more unsettled weather is likely in central and northern parts, with conditions returning to near normal by the end of next week. Locally, above normal rain amounts are possible and this unsettled pattern will likely last until month-end," LSEG meteorologist Georg Muller said.

* Dutch and British wholesale gas prices fell on stable Norwegian supply and flat demand.

* German year-ahead power (TRDEBYc1) fell 0.6 euros to 86.75 euros per MWh.

* In the European carbon market, the benchmark contract (CFI2Zc1) lost 0.11 euros to 70.31 euros per ton.

* The Nordic power price for next-day physical delivery (FXSYSAL=NPX), or system price, rose 6.23 euros to 38.83 euros per MWh.