I use ACF-50 to good success, my shop is a shed so humidity and moisture is a constant problem, I can tell anything that hasn’t been treated with ACF-50 as it starts to turn after 3 weeks or so of sitting in there.
Amazing stuff, was recommended to me by motorcyclist friend apparently they all use it to protect their bikes through the winter
This came up before. It looks from the SDS like it's just hydrotreated oil with mineral spirits mixed in, probably to improve flow.
you can just get the hydrotreated oil - it's nothing but white mineral oil that has been refined to the point that nothing that will oxidize.
Depending on whether you want it relatively thin, you can get it in the US as white mineral oil for food processing machines (about $15 a gallon, my first gallon is almost 15 years old with a tiny bit left in the jug and I've gotten a second). The same thing is also sold by Norton as honing oil, but it's sold about the same per quart or pint, or sometimes per 8 oz in some places as the stuff that's sold by the gallon for food service.
there are also hydrotreated gear oils.
Mixing standard things and sometimes coloring them is a popular thing to nail consumers and businesses looking for convenience. Having enough hydrotreated oil to use it freely for all kinds of things turns out to be more handy. It can be mixed with mineral spirits or naptha (mineral spirits and naptha appears to be trends "honing oil", if you're willing to add blue dye) and most of the rust preventives are some type of hydrotreated oil plus thinner or not, highly upcharged for the convenience of the seller.
if the oil doesn't oxidize, it'll never dry. I haven't had any moderately used tool rust since moving to oilstones and using a hydrotreated oil in the stone's oil bath. If I put an iron away even wiped off, i can see a thin film of oil on it under the microscope. if I get the iron out a year later, the thin layer is still there. To remove it enough to allow rust takes about 5 separate wipings each with a clean section of cloth.
this is a picture of a plane iron that was sharpened and wiped several times. Even the rag that does the first wipe becomes an oiler of sorts. Everything other than the diagonal lines sloped upward is oil. to the eye and to the touch, this feels and looks oil free.