Carbon. Unburnt fuel. wet, could be from:
RAW fuel (though that would smell LIKE fuel, obviously)
moisture from the night air collecting in your exhaust
water/moisture in your exhaust gases (any smoking when you rev it?)
the carbon itself should be VERY light, airy, and powdery (almost so fine you can't feel it..)
You are running pig rich, my friend. I wouldnt be surprised if you haven't gotten (or will, soon) any 0420/0430 codes.