Thank you, Cafguy.
Couple of more questions if you don't mind:
1: is it OK to depressurise the compressive using the pressure relief valve (one with the ring in it)? I should probably use the tank drain valve instead?
2: Also, how often do you drain the compressor tank? Some people drain the tank after each use, some drain it daily, weekly, monthly etc. From what I've read so far it seems to me that no matter how often you drain the air tank, corrosion will happen and you'll see yellowish drained water after draining the tank.
This is my first proper compressor and I want to take good care of it. :)
Thanks