In the past year oil outlook has turned upside down as concerns over supply cuts turned into concerns of oversupply. Last year investors were worried that Islamic State’s military victories threatened to cut off supply from Iraq and that sanctions on Russia would diminish output. However, neither of those predictions came true.

The image below makes it evident how much of a difference a year can make. Last June, crude was above $107 a barrel. Traders were willing to pay $10 more for oil right away than for barrels delivered a year later. Now, with prices swirling around $60, buyers need to get a $3 discount.

Oil outlook turns upside down

Oil’s 1 Year Mirror Image

“We’ve seen a huge shift since this time last year,” Michael D. Cohen, an analyst at Barclays Plc in New York, said. “The perception now is that stockpiles will continue to grow through the end of the year.”

“A year ago, everyone was crowded on one side of the boat, myself included,” Michael Corcelli, chief investment officer of hedge fund Alexander Alternative Capital LLC in Miami, said.

And while lower prices have slowed US oil production, the biggest producers in OPEC are pumping oil at a record pace. That’s helped keep U.S. with high oil inventories, with supplies more than 80 million barrels above a year ago.