Rigs targeting oil and natural gas in the U.S. declined by seven this week to 1,764, according to Baker Hughes Inc. (BHI) Oil rigs increased by seven to 1,423, the most since August 2012, data posted on the company’s website show. The gas count dropped by 14 to 337, the lowest level since 1995, the Houston-based field services company said. The total rig count has fallen by 21 this month as a series of storms dumped snow and ice on the Gulf Coast and the eastern U.S., slowing oil- and gas-drilling operations in major plays. The Energy Department cut crude-output forecasts by 120,000 barrels a day for this year and 100,000 for 2015. The forecasts were cut on “indications that severe weather this winter has caused temporary slowdowns in completing new wells,” the Energy Information Administration in Washington said in its short-term energy outlook released Feb. 11. U.S. oil […]