The last external teakoil I did looked great - think it was International Oil.
The stuff I'm using now doesn't seem to penetrate as well and leaves a residue.
Is it worth prep with steel wool or some other surface prep?
I'm not an oil guy (I'm a varnisher). But I would never use steel wool on a boat. Use bronze wool if you must. Or you might consider prepping with 220g sandpaper (that's what I use under my varnish).
I have found the combination of varnish techniques and products is subject to trial and error and personal preference.
Never ever use anything abrasive on teak... unless its dried or been abused so badly its ridged...
Use sea water and a non-stick pan scrubber to clean... if re-oiling give it a wipe with Acetone to remove accumilated grime before re-oiling...
Also if the International Teak Oil was good... stay with it... don't substitute for a cheaper inferior product
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Prior to any finish oil/varnish, whatever, the teaks natural oil must be eliminated from the surface.. some use bleach, better than nothing but barely.. The best I've found is sold to be used prior to the application of Teak Guard..After application you have only 48 hours before the teaks oil begins to migrate back to the surface.. If the teaks natural oil is not removed nothing will last for long..