Hurricane Bill Weakens Slightly

Updated 11:31 a.m. ET
Bermuda is under a hurricane watch as Hurricane Bill nears the island with its winds slightly weakened but still blowing at near 120 mph (193 kph). Hurricane winds could hit the island within 36 hours.

The National Hurricane Center in Miami says Bill is a Category 3 storm and likely to regain some strength. It could become a Category 4 storm again Friday, with winds over 130 mph (209 kph).

Bill may well regain strength because it's traveling into warmer waters in the Atlantic that could intensify the storm, said senior hurricane specialist Lixion Avila.

"The warm ocean is like the fuel for a car," Avila said Wednesday. "If you get high octane gas you get more power - that's what warmer water does."

Bill is expected to pass between Bermuda and the U.S. eastern coast on Saturday. It could wind up between Bermuda and the U.S. coast line without making landfall, CBS "Early Show" weather anchor Dave Price reported.

Bill is centered about 380 miles (612 kilometers) north of the Leeward Islands and about 695 miles (1,118 kilometers) south-southeast of Bermuda. The hurricane is moving northwest near 18 mph (29 kph).