Is that part with the arrow similar to the same one that looks like it on the other side with the green end? I haven't seen those on any compressor I've dealt with before and hard to see from the pics what they are.
I just went through the same or similar situation with my 60 gallon Dewalt Compressor. All these compressors have a check valve threaded into the tank, it allows air to flow from the compressor pump into the tank, but will not allow it to flow back out of the tank toward the pump. If this check valve gets stuck open the compressed air will move backwards toward the pump and forced through a tube and escape out a port meant to release pressure in the case of a check valve failure. This port IS NOT the HIGH PRESSURE safety release valve that opens in the case the tank pressure becomes unsafe.
Your problem sounds exactly like a check valve failure.
Check valves can fail on their own, but in my case, my year old compressor had a reed valve break which pushed debris into the check valve and caused it to sick open.
I replaced both my Check Valve and then my Valve Plate to resolve my issue.
Hope this helps.
A lot of those check valves have a hex part you can unscrew to take it apart to clear them. There's big rubber seal and spring inside so it's pretty easy to take apart and put back together. One of my compressors had a problem when I first got it where there was a bunch of goop inside it on the seal that was stopping it from closing all the way.
