European diesel will probably stay depressed this summer after plunging to the lowest for this time of year since 2003 amid surging imports from Russia and the U.S. Barges of diesel traded at $9 a metric ton more than the June gasoil contract on the ICE Futures Europe exchange on May 19. That’s the lowest premium in more than three months and a drop of 66 percent from April 15, according to data compiled by Bloomberg. Gasoil’s crack spread, a measure of profit to be made from refining the fuel, declined 18 percent since mid-April to about $12 a barrel on the ICE exchange today. “Europe looks extremely well supplied,” Steve Sawyer, an analyst at FGE, a consultant, said by phone from London yesterday. “I would expect both Russian and U.S. refiners to be pushing their rates during the summer and looking to Europe to dispose of the product.” […]