Note 5—Inventories

Inventories at December 31, 2017 and 2016 consist of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements (1)		Total
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
December 31, 2016
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 10—Inventory Financing Agreements for further information.

There was no reserve for the lower of cost or net realizable value of inventory as of December 31, 2017. As of December 31, 2016, the reserve for the lower of cost or net realizable value of inventory was $0.2 million.