Note 5—Inventories

Inventories at June 30, 2016 consist of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	7,386	$	75,828	$	83,214
Refined products and blendstock	31,081		106,860		137,941
Warehouse stock and other	17,343		—		17,343
Total	$	55,810	$	182,688	$	238,498

Inventories at December 31, 2015 consist of the following (in thousands):



	Titled Inventory		Supply and Offtake Agreements(1)		Total
Crude oil and feedstocks	$	18,404	$	68,126	$	86,530
Refined products and blendstock	28,023		87,608		115,631
Warehouse stock and other	17,276		—		17,276
Total	$	63,703	$	155,734	$	219,437

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

The reserve for the lower of cost or net realizable value of inventory was $0.5 million and $23.7 million as of June 30, 2016 and December 31, 2015, respectively.