Solubility isn't a yes/no thing, it's a spectrum from water soluble to oil soluble. Something in there has low water solubility even if it's not oil soluble. Pretty common in citrus flavors like my dew. That's where the cloudiness comes from too, although if the concentration is low enough, it should go clear after a while. I tried out a dew flavor and it took a couple weeks to turn clear.
Is it cold?
Put it in warm water for an hour and shake like crazy and see if it happens again. I wouldn't be concerned if you haven't given it a water bath already.
I've had this happen in a bunch of juices as well if I leave them sitting a while unshaken. I could be completely wrong on this but I think it's the nicotine oxidizing where it's exposed to the air in the bottle. It'll be a darker color on the top, then when I shake it, the overall color turns darker. When the flavor steeps, or ages, it turns a darker color. That's just my guess.
Read through comments and it said you used a hotplate stirrer to mix the juice for hours, you might have supersaturated it with something. If this is only appearing after it cools and settles, that's probably what it is. Here's how I'd test:
Take a drop (just a drop) of the orange goop and drop it in a separate little vial/tincture/dram or whatever you have of water. Shake vigorously. If it disappears in the water, then it's not oil. If you use a small amount of water you can even keep dropping to test if it's just excess solute. (if it dissolves the first time, just keep dropping and shaking until you get the orange stuff to come back)
It has dissolved in the water, but I can shake the juice indefinately and it keeps coming back to the top. There are also micro globs suspended in the juice
okay, did you do this 1 drop at a time? Did that initial drop dissolve completely or precipitate back out? Did you remove the glob and then weigh the water before and after adding the drop? Is it any higher in mass?
Answer these questions and you can determine if it's water soluble or not. If it's not water soluble, try repeating the procedure with PG and VG. If it dissolves in none of these, then you need to figure out what ingredient you're adding that is doing this because it clearly can't be part of a juice.
Could you be burning anything with too high of heat when mixing?
Use the scientific method my friend, I'm curious to know what it is myself.
How did you get that "cold look"?
No sure what you mean by cold look
It kinda looks like it came out of the freezer. The liquid is cloudy kinda like lemonade. Looks good, so just wondering what would do that.