Note 5—Inventories

Inventories at June 30, 2015 consist of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements ⁽¹⁾		Total
Crude oil and feedstocks	$	7,817	$	86,396	$	94,213
Refined products and blend stock	34,116		128,080		162,196
Warehouse stock and other	17,221		—		17,221
Total	$	59,154	$	214,476	$	273,630

Inventories at December 31, 2014 consist of the following (in thousands):



	Titled Inventory		Supply and Exchange Agreements⁽¹⁾		Total
Crude oil and feedstocks	$	17,924	$	62,594	$	80,518
Refined products and blend stock	29,998		118,375		148,373
Warehouse stock and other	14,962		—		14,962
Total	$	62,884	$	180,969	$	243,853

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⁽¹⁾Please read Note 7—Inventory Financing Agreements for further information.

The reserve for the lower of cost or market value of inventory was $310 thousand and $2.4 million as of June 30, 2015 and December 31, 2014, respectively.