From the Spaceflight Meteorology Group:

Forecast rainfall accumulation continues to decrease with only 1 to 1.5 inches now expected through Thursday. The Flood Watch has been cancelled for JSC but Galveston and Brazoria counties remain in the Watch.  The National Hurricane Center is continuing to monitor Potential Tropical Cyclone ONE (PTC 1) in the Bay of Campeche.  PTC 1 is forecast to become a tropical storm today and move inland into Mexico later tonight or early Thursday morning.  The first name of the season would be Alberto.