Strange 360degree dark shadow in panoramas

I’m experiencing a pretty universal problem with my panoramas. there is a large black shadow ring in the panorama, but it does not appear in any of the other exports (web standalone, EXE standalone). What setting am I missing? I’ve been trying to mess with the settings but I’m sure there must be an answer that I’m missing.

And I’ve tried doing pano’s in multiple projects, with the same result.

Any help is greatly appreciated!