I just don't buy the condensation theory-not in 100 miles and not in the quantity involved. I ran a catch bottle last year and din't have any water after 100's of miles. You might get a drop of water on a piston from condensation but moving it through the EV's to the catch basin isn't likely. Most water will leave the exhaust system the point of least resistance.
Another possibility is Ethanol fuel-the alcohol in Ethanol attracts water like a vacuum. All ethanol likely has some water it can collect from condensation along the delivery route. When you reach phase seperation the water alcohol mix seperate from the gasoline. At that point you are in real danger if you suck up an alcohol water mix from your tank. Here's some info from Wikipedia on Ethanol:
Since ethanol and water readily dissolve in each other, when ethanol is used as an additive in gasoline, water will actually dissolve in the blended fuel to a much greater extent than in conventional gasoline. When the water reaches the maximum amount that the gasoline blend can dissolve, any additional water will separate from the gasoline. The amount of water required (in percent of the total volume) for this phase separation to take place varies with temperature, as shown in Figure 1. As an example, at 60 degrees F, water can be absorbed by a blend of 90% gasoline and 10% ethanol up to a content of 0.5 volume percent before it will phase separate. This means that approximately 3.8 teaspoons of water can be dissolved per gallon of the fuel before the water will begin to phase separate.