There are a lot of myths floating around about what WD-40 actually contains.
Well, it's a chemical. And it's sold for industrial use. Therefore, it has to have a Material Safety Data Sheet. And that MSDS has to tell what it contains.
To read the MSDS for WD-40, click
HERE
Aliphatic Petroleum Distillates CAS #8052-41-3 45-50
Petroleum Base Oil CAS #64742-65-0
LVP Hydrocarbon Fluid CAS #64742-47-8
Carbon Dioxide CAS # 124-38-9 2-3
Non-hazardous Ingredients
The CAS # for kerosene is 8008-20-6.
In other words, WD-40 contains NO kerosene. The Petroleum Base Oil CAS #64742-65-0 and the LVP (that's low vapor pressure) Hydrocarbon Fluid CAS #64742-47-8 are chemically close to Hydrodesulfurized Kerosene CAS #64742-81-0, but not the same thing.
It's also a common myth that WD-40 contains vegitable oil. As you can see, it does not; it is petroleum-based.
All of the active ingredients in WD-40 are fairly light, volatile hydrocarbons. They are immiscible with water which is what makes WD-40 a water dispersant good for getting water out of mechanisms and keeping it out to prevent rust. It also tells us that there is no water in WD-40. These active ingredient chemcials are also light lubricants. And they're a little bit of a solvent for petroleum-based stuff like label stick-em.
But, they're not particularly good as leather preservatives, no.