Was driving along and heard a strange noise when applying the brakes. Got home to check the break pads, which seem to be fine at 5mm, but did find that I could just slightly feel a wobble when yanking on the wheel while jacked up.
So I assume a bad bearing, but there seems to be some sort of small amount of oil on the hub itself. Brake lines are not leaking.
Does bearing grease break down to this consistency over time? Anyone seen this before?

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Cap may not be fully on....if it levers off easily it was not installed all the way.
Also, there was originally a soft rubber seal beyond the cap....most are long gone.

If the wheel bearings are not adjusted properly, the wheel will wobble. Remove that cap and adjust the bearing tension nut that's in there.