I was checking plugs today and found a couple of the plugs had oil on the threads but not on the electrode only the threads. There is no oil leaking from vavle covers what would cause this? Also all the plugs were a gray color except one looked more white hard to tell . Is this condition ok. Thanks for your help.

 

From your description it seems your plugs are about normal.

Plugs operating under optimal conditions show a gray or tannish fine ash coating. White indicates a plug one range too hot. I suspect that if it is only one plug and the others look "normal" you're in the right heat range.

Could the oil you see on the plug threads be anti-seize compound? A lot of shops and individuals use it on plugs.
I have also seen plug threads a little oily for no apparent reason in an otherwise normal engine.

If you get a Haynes manual it has some good pictures in a section on "reading and intrepreting" spark plugs. You might want to search the archives on this forum too.

Hope this is some help.
RussA