I'm no expert, but
I am refinishing my teak for the first time this spring, and my research is pretty consistent: you have to wash the teak with a special teak cleaner before you finish the wood with oil, seal or varnish. Even if you have sanded off all of the gray, you need to kill the spores and mold that live in the wood before you lock them in with varnish. Otherwise, the little beggars will sprout underneath your beautiful varnish, making it look black and otherwise icky. The cleaner is also supposedly necessary when you have sanded the wood. Teak oil combines with the sawdust to clog the pores of the wood. Teak cleaner unlocks the pores so that your finish can penetrate and protect. Or so goes the sales literature anyway. I am going to BoatUS this weekend to buy the mildest cleaner I can find (not one of those two-step deals that rely on strong acids that can ruin gelcoat), and then use a sealant like Semco or Cetol. I just don't have the patience for varnish or the time to keep refinishing with oil.