May 8 (Reuters) - Nordic forward power contracts rose on Friday and were on track for third straight weekly gains, buoyed by drier weather forecasts, low water reserves and rising European energy prices.

* The Nordic front-quarter baseload power contract NSBLQc1 rose 2.80 euros or 5.2% to 57 euros per megawatt hour (MWh) at 11:08 GMT, its highest level since March 20. The contract was up 14% for the week.

* The Nordic front-year power contract NSBLYc1 added 0.67 euros or 1.4% to 47.55 euros per MWh, and headed for a 2% weekly gain.

* Both weather views and the German market are helping Nordic prices, said LSEG power analyst Ole Tom Djupskaas

* "It's quite bullish weather... Losing one TWh compared with yesterday (in water reserves), and then there are some other forecasts which are really even drier," he added.

* Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, were up 0.05 euro, or 0.1%, at 90.40 euros per MWh.

* Dutch and British wholesale gas prices rose after U.S. and Iranian forces clashed in the Gulf, dimming prospects of any halting of the U.S.-Israel war on Iran. NG/EU

* Nordic water reserves PCAEC00 were at 33.52 terawatt hours (TWh) below normal on Friday, down from 32.49 TWh below normal the previous day. Last week, water reserves hit their lowest level since late July 2018 at 33.83 TWh below normal.

* "The final week of the month and especially early June have some hints for a change towards warmer and drier weather, especially in northern Europe and eastern continental Europe," said LSEG meteorologist Georg Mueller.

* The European carbon market's benchmark contract CFI2Zc1 lost 0.5 euro, or 0.6%, to 75.59 euros a metric ton.