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INVENTORIES | 12 Months Ended
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Dec. 31, 2020
INVENTORIES |
INVENTORIES | 14. Inventories
($ millions) |  | December 31 2020 |  | December 31 2019 |
Crude oil(1) |  | 1 429 |  | 1 689 |
Refined products |  | 1 322 |  | 1 290 |
Materials, supplies and merchandise |  | 866 |  | 782 |
|  | 3 617 |  | 3 761 |
(1) | Includes $154 million of inventories held for trading purposes (2019 – $210 million) which are measured at fair value based on Level 1 and Level 2 fair value inputs.
During 2020, purchased product inventories of $9.4 billion (2019 – $13.3 billion) were recorded as an expense.

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