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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Fool contributor Anders Bylund holds no position in any of the companies discussed here. Motley Fool Alpha LLC owns shares of Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.