June 23 (Reuters) - Nordic forward power prices fell to multi-month lows on Tuesday, extending declines from the previous session, on forecasts of wetter weather and a slightly improved hydro reserve in the hydropower-dependent region.

* The Nordic front-quarter baseload power contract NSBLQc1 fell €0.36 ($0.4108), or 0.8%, to €47.45 per megawatt hour (MWh) at 0954 GMT, its lowest level since April 29.

* The Nordic front-year power contract NSBLYc1 lost €0.45, or 1%, to €44.70 per MWh, its lowest level since March 18.

* On the weather front, "the overall picture still looks normal to wet, with low-pressure systems carrying significant energy if they materialize. This is keeping pressure on the contracts," said Axel Weyler, originator at Entelios Trading AB.

* Nordic water reserves PCAEC00 have been negative since late December, though they rose slightly to 14.17 terawatt hours (TWh) below normal on Tuesday, compared to 15.19 TWh below normal on Monday.

* Higher precipitation and improving reservoir levels lift hydropower production, reducing power market tightness and softening Nordic power prices.

* "Next week will be generally more active in the south too and the entire area will see near or above normal rain and near normal temperatures. Stable high pressure influence is not likely to establish before July 10," LSEG meteorologist George Muller said.

* Benchmark Dutch and British wholesale gas prices fell as supply risk eased with more vessels passing through the Strait of Hormuz. NG/EU

* Additionally, global oil prices fell, extending losses from the previous session, on signs of some progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks. O/R

* In the European carbon market, the benchmark contract CFI2Zc1 fell €0.32, or 0.39%, to €81.25 a metric ton.

($1 = 0.8764 euros)