In 2013 Hale & Twomey (H&T) provided a report on Ticket Markets to the Department of Industry. This followed an initial report in 2012 covering options for Australia to meet its International Energy Agency (IEA) stock holding commitment.
The 2013 Report was written in July-August following a period of disruption in the ticket market due to changes in European Union (EU) compulsory stock regulations that were introduced at the end of 2012.
Since that report was written the impact of the new regulations has worked through the market and, along with other developments, there has been some significant softening of ticket prices. Therefore the Department asked H&T to provide an update on the ticket market and give an indication of the possible impact on the market if Australia was to attempt to fully cover its IEA stock requirement with tickets to ensure compliance.