Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at June 30, 2020 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	94,718	$	98,118	$	192,836
Refined products and blendstock	85,881		85,454		171,335
Warehouse stock and other (2)	63,508		—		63,508
Total	$	244,107	$	183,572	$	427,679

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

	Titled Inventory		Supply and Offtake Agreements (1)		Total
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

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(1) Please read Note 9—Inventory Financing Agreements for further information.

(2) Includes $17.8 million and $19.1 million of RINs and environmental credits as of June 30, 2020 and December 31, 2019, respectively. RINs and environmental obligations of $68.9 million and $22.8 million are included in Other accrued liabilities on our condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 2020, there was a $24.0 million reserve for the lower of cost or net realizable value of inventory. As of December 31, 2019, there was no reserve for the lower of cost or net realizable value of inventory. Our last-in, first-out (“LIFO”) inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of June 30, 2020. 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.