In electric circuits capacity and inductance make energy oscillate between the electric and the magnetic field. The closest analogy I can think of for water pipes would be the oscillation between the kinetic and the potential energy (or the flow and the pressure). As for better understanding of inductance and magnetic field, imho it's better to stick to Faraday, Gauss and Lenz laws than looking for analogies, as EM field has it's very specific properties.