Watermarks on wooden furniture

[Spincyclist]

I think our ash furniture was 'lightly lacquered' whe we bought it, several years ago. The bedside table have big patches of light discolouration, which I think have come from water. It's not just a few rings, it's about 30% of the top. I rubbed a bit of vaseline on a light patch and it darkened to match the rest.

Any tips on how I can restore the surface? Power sand and matt varnish? I kind of want to rub something into the wood (furniture wax?) but I've also read that wood shouldn't need 'feeding'... Google is confusing my tiny mind. It is a heavy wear area with glasses of water on it regularly (with coaster!)

Is it solid wood or veneer and is it wood veneer or fake, wood look? If it was lacquered then it was varnished and it sounds as though the varnish has been scratched. It could be that it is actually just the lacquer which has been damaged over time.

It's solid wood. Was fairly cheap for solid wood. I think probably the lacquer never really gave it much protection, and we never did anything to look after it.