Is there supposed to be a fluid in the neck strap of the beats?

I have had my PowerBeats 3 for about a year and recently noticed an oily substance on the neck strap. Today it happened again and I noticed a slight rounding of the cable. Note this is the neck strap and not anywhere near the battery. I discovered a small abrasion on the cable near the middle of the cable and upon squeezing the rounded area(about 4-5” of the cable) a greenish goldish oily fluid came from the abrasion. There was no noticeable smell and I also noticed tiny air bubbles in the fluid. Is this some sort of plasticizer or lubricant? The battery life seems to be fine and there is no leak near the buds them selves.