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INVENTORIES
 12 Months Ended
Dec. 31, 2019
INVENTORIES  
INVENTORIES

14. INVENTORIES

                                                                                                                                                                                    

($ millions)

 

December 31
2019

 

December 31
2018

 

Crude oil(1)

 

1 689

 

1 424

 

Refined products

 

1 290

 

1 033

 

Materials, supplies and merchandise

 
782

 
702

 

 

 

3 761

 

3 159

 

 

 

 

 

(1)       

Includes $210 million of inventories held for trading purposes (2018 – $247 million) which are measured at fair value less costs of disposal based on Level 1 and Level 2 fair value inputs.

During 2019, purchased product inventories of $13.3 billion (2018 – $14.8 billion) were recorded as an expense.