SINGAPORE- Asia's cash premiums for 10 ppm gasoil inched lower on Wednesday, but remained within close sight of a record high touched in the previous session as recovering demand across the globe grappled with limited supplies.

Cash differentials for gasoil with 10 ppm sulphur content dipped 22 cents to $7.86 a barrel to Singapore quotes, compared with Tuesday's $8.08 a barrel that was an all-time high according to Reuters data that goes back to late 2011.

The gasoil cash premiums have surged over 31% in the last two weeks, riding on steady cargo demand in the physical market, while the prompt-month time spread for the benchmark 10 ppm gasoil grade in Singapore traded at $8.59 a barrel on Wednesday. Refining margins, also known as cracks, for 10 ppm gasoil rose to $31.08 a barrel over Dubai crude during Asian trading hours, up from $29.39 per barrel a day earlier.

CHINA HOLIDAY TRAVEL SLUMPS

- The number of journeys taken over China's three-day Tomb-Sweeping Festival holiday tumbled by nearly two-thirds from last year, state media said, citing data from the transport ministry, as authorities battle outbreaks of COVID-19 across the country.

- Air travel was worst hit, with total passenger numbers falling to an estimated 562,000, down 87% from a year ago and 54% down on 2020. Road journeys fell 53% on the year, and were also slightly lower than 2020.

INVENTORIES

- Middle-distillate inventories in the Fujairah Oil Industry Zone rose 4.6% to 1.9 million barrels in the week ended April 4, data via S&P Global Commodity Insights showed.

FUJAIRAH

- Weekly stocks in Fujairah have averaged 1.9 million barrels so far this year, compared with 3.5 million barrels in 2021, Reuters calculations showed. - U.S. distillate inventories, which include diesel and heating oil, rose by 593,000 barrels in the week ended April 1, according to market sources, citing American Petroleum Institute figures.

SINGAPORE CASH DEALS

- No gasoil deals, no jet fuel trades OTHER NEWS

- Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.

(Reporting by Koustav Samanta; Editing by Shailesh Kuber)