Looked up Udderly Smooth
So, mostly distilled water.
Stearic acid being the second ingredient - about $10/lb online derived from cocnut and palm oil.
Does have lanolin in there too.

Back to my earlier thought,
can a lube be whipped with boiling water to a cream like consistency?
Seems like Udderly uses the stearic acid as an emulsifier.

https://www.wardrobesupplies.com/media/pdf/Udder%20Cream.pdf