From DIYinfo.org
If the damage from moisture appears black or grey, water has permeated the finish and discoloured the wood below. To repair such damage, you must strip the finish, sand the wood and bleach it with oxalic acid, which can be purchased at most hardware and paint stores.
If the damage appears as a white ring or a whitish, foggy area, water or heat caused the damage, and it is confined to the finish. The damage may be at the very top of the finish or closer to the bottom (where the finish meets the wood). There is no easy way to know exactly how far down the damage goes, and where it is will affect how successful any repair will be.
Most damage near the top can be rubbed out with some steel wool and mineral oil, rubbing compound or even fine sandpaper. The whitish colour disappears fairly quickly, and once removed, the finish can be rubbed back out to the original sheen.


