Inventories

3 Months Ended

Mar. 31, 2021

Inventories at March 31, 2021 consisted of the following (in thousands):


	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	128,343	$	119,747	$	248,090
Refined products and blendstock	131,385		119,817		251,202
Warehouse stock and other (2)	79,914		—		79,914
Total	$	339,642	$	239,564	$	579,206

Inventories at December 31, 2020 consisted of the following (in thousands):


	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	88,307	$	75,340	$	163,647
Refined products and blendstock	112,146		83,601		195,747
Warehouse stock and other (2)	70,461		—		70,461
Total	$	270,914	$	158,941	$	429,855

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

(2)Includes $36.3 million and $26.7 million of RINs and environmental credits, reported at cost, as of March 31, 2021 and December 31, 2020, respectively. RINs and environmental obligations of $260.0 million and $150.5 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, we had no reserve for the lower of cost or net realizable value of inventory. As of December 31, 2020, there was a $10.6 million reserve for the lower of cost or net realizable value of inventory. As of March 31, 2021, the excess of current replacement cost over the last-in, first-out (“LIFO”) inventory carrying value at the Washington refinery was approximately $10.8 million. Our LIFO inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of December 31, 2020.