The oil market’s view of the future has flipped on its head in the past year, as fears of supply disruptions turned into concerns of a glut. This chart shows the difference one 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. “We’ve seen a huge shift since this time last year,” Michael D. Cohen, an analyst at Barclays Plc in New York, said by phone. “The perception now is that stockpiles will continue to grow through the end of the year.” Investors back then were concerned that Islamic State’s military victories threatened to cut off supply from Iraq and that sanctions on Russia would slow output. Neither of those predictions came […]