6) Inventories

The Company’s product inventories are stated at the lower of cost or market computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. The components of inventory were as follows (in thousands):


	September 30,
	2017		2016
Product	$	37,941	$	25,419
Parts and equipment		21,655		20,475

Total inventory	$	59,596	$	45,894

Product inventories were comprised of 24.2 million gallons and 18.4 million gallons on September 30, 2017 and September 30, 2016, respectively. The Company has market price based product supply contracts for approximately 292.3 million gallons of home heating oil and propane, and 47.0 million gallons of diesel and gasoline, which it expects to fully utilize to meet its requirements over the next twelve months.

During fiscal 2017 and 2016, Global Companies LLC and NIC Holding Corp. provided approximately 13% and 8%, respectively, of our petroleum product purchases. No other single supplier provided more than 8% of our product supply during fiscal 2017 and 2016.