Inventories

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Inventories

Note 5—Inventories

Inventories at March 31, 2017 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	60,169	$	87,350	$	147,519
Refined products and blendstock	42,011		82,565		124,576
Warehouse stock and other	20,974		—		20,974
Total	$	123,154	$	169,915	$	293,069

Inventories at December 31, 2016 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreements(1)		Total
Crude oil and feedstocks	$	11,620	$	49,682	$	61,302
Refined products and blendstock	38,916		77,677		116,593
Warehouse stock and other	20,431		—		20,431
Total	$	70,967	$	127,359	$	198,326

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

We did not recognize a reserve for lower of cost or net realizable value of inventory as of March 31, 2017. The reserve for the lower of cost or net realizable value of inventory was $0.2 million as of December 31, 2016.