Updated 5:10 p.m. EST

(Bloomberg) -- Tropical Storm Jose may threaten New YorkCity and other areas of the East Coast by next week, according to aNational HurricaneCenter advisory.

Wednesday approach

The storm, about 640 miles (1,029 kilometers) southeast of CapeHatteras, North Carolina, strengthened into a Category 1 hurricaneas it churned through the Atlantic Ocean. Jose’s path could put itnear New Jersey and New York by Wednesday morning, though it mayweaken to a tropical storm again by then, the center said.

The storm may add to an already devastating 2017 Atlantic hurricane season,coming just after Hurricane Harvey inundated Texas and HurricaneIrma raked Florida’s west coast, leaving dozens of people dead andupending energy and agriculture markets.

In 2012, Superstorm Sandy created about $70 billion ofdamage after hitting the New York metropolitan region.

East Coast refineries, shipping

As of 5 p.m. New York time, Jose was moving northwest with maximumwinds of 75 miles per hour. The storm could affect five refineriesalong the East Coast that are able to process about 1.1 millionbarrels a day of oil, Bloomberg data showed.

If it continues toward New York City, Jose could disrupt vesselscarrying crude oil, petrochemicals and refined products in theAtlantic seaboard, “particularly those making deliveries to NewYork Harbor,” said Shunondo Basu, a Bloomberg New Energy Financemeteorologist and natural gas analyst in New York.

Still, some forecasters see Jose staying far enough offshore toavoid any major impact to the U.S. The hurricane center’s margin oferror for a storm five days out is about 225 miles, on average.

AccuWeather Inc. sees the storm passing within 200 miles of theNortheast, though landfall in New England during the middle of theweek can’t be ruled out, senior meteorologist Dan Pydynowski saidin a statement.

Chance of tropical storm-force winds in NYC

There’s an 18% chance of tropical storm-force winds in New YorkCity between Tuesday and Wednesday, said Jeff Masters, co-founderof Weather Underground in Ann Arbor, Michigan.

If Jose continues on its path, the most immediate impact couldbe tall, swelling waves “pounding the coasts” until at leastWednesday, Masters said.

Related: 4 tips to protect property from hurricanes[infographic]

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