Note 6—Inventories

Inventories at December 31, 2018 and 2017 consist of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements (1)		Total
December 31, 2018
Crude oil and feedstocks	$	7,000	$	117,877	$	124,877
Refined products and blendstock	62,401		100,175		162,576
Warehouse stock and other (2)	34,612		—		34,612
Total	$	104,013	$	218,052	$	322,065
December 31, 2017
Crude oil and feedstocks	$	93,970	$	56,014	$	149,984
Refined products and blendstock	63,505		108,917		172,422
Warehouse stock and other	22,951		—		22,951
Total	$	180,426	$	164,931	$	345,357

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(1)	Please read Note 11—Inventory Financing Agreements for further information.


(2)	Includes $5.0 million of RINs and environmental credits.

There was a $3.8 million reserve for the lower of cost or net realizable value of inventory as of December 31, 2018. There was no reserve for the lower of cost or net realizable value of inventory as of December 31, 2017.