Inventories

6 Months Ended

Jun. 30, 2021

Inventories at June 30, 2021 and December 31, 2020 consisted of the following (in thousands):


	Titled Inventory		Supply and Offtake Agreements (1)		Total
June 30, 2021
Crude oil and feedstocks	$	73,378	$	201,847	$	275,225
Refined products and blendstock	122,872		120,557		243,429
Warehouse stock and other (2)	105,499		—		105,499
Total	$	301,749	$	322,404	$	624,153

December 31, 2020
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 $60.6 million and $26.7 million of RINs and environmental credits, reported at cost, as of June 30, 2021 and December 31, 2020, respectively. RINs and environmental obligations of $354.5 million and $150.5 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 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 June 30, 2021, the excess of current replacement cost over the last-in, first-out (“LIFO”) inventory carrying value at the Washington refinery was approximately $35.4 million. Our LIFO inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of December 31, 2020.