Sorry I can’t really say the exact formula. I do know that the wax gets a bit too flaky when you don’t add the oil. It will still get flaky but the flakes drop off soon enough. I hang it on an old hanger in the garage till it cools. I can’t really tell much difference between commercial wax In a bottle that dries on and paraffin. Apparently the paraffin gets slightly better performance.
Your inter nerd can experiment like crazy with all sorts of things like blending in Teflon powder (I haven’t tried it).