Gray discharge out of water trap - Benjamin Traveler 2

I just finished filling one of my rifles and when I emptied the water trap (part of the low pressure side) I got a gray discharge along with the water. This is the first time I've seen this in probably 4 hours of operation. It still pumps to 4500 psi, and does it in the amount of time I expect, but I have a bad feeling...

Anyone ever see this on their compressors, especially if it happened just before a failure?
 
I had that happen to my Nomad 2 after 25 days or so and then it just started to build less and less pressure from there until it completely gave up. I never looked into it and opted to just ship it back. It looked like this:

20200523_145757.jpg
 
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