Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil and gas extractor PetroQuest Energy (NYSE: PQ) have been climbing all day on rather average trading volume, reaching as high as a 10% gain before backing off a tad.

So what: I can't find any news pertaining to PetroQuest today, and rival Goodrich Petroleum (NYSE: GDP), which explores the same Texas-centric territories, is trading in a very similar pattern without much explanation. I don't rightly know what they're putting in the water in Texas, Arkansas, and Louisiana today, but it's driving these stocks wild.

Now what: The oil and gas industry is pretty quiet in general today, though much larger competitor Chesapeake Energy (NYSE: CHK) announced a large Texas drilling project yesterday. That's hardly a vote of confidence for PetroQuest's properties, since the Chesapeake project is located clean across the state from PetroQuest's biggest lease. But it's the closest thing to a real explanation you're likely to find here.

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