Inventories

12 Months Ended

Dec. 31, 2019

Inventories at December 31, 2019 and 2018 consisted of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements (1)		Total
December 31, 2019
Crude oil and feedstocks	$	117,717	$	148,303	$	266,020
Refined products and blendstock	127,966		158,737		286,703
Warehouse stock and other (2)	63,149		—		63,149
Total	$	308,832	$	307,040	$	615,872
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

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


(2)	Includes $19.1 million and $5.0 million of RINs and environmental credits as of December 31, 2019 and 2018, respectively.

As of December 31, 2019, there was no reserve for the lower of cost or net realizable value of inventory. As of December 31, 2018, there was a $3.8 million reserve for the lower of cost or net realizable value of inventory. As of December 31, 2019, the excess of current replacement cost over the LIFO inventory carrying value at the Washington refinery was approximately $6.4 million.