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Normally an oil based paint used on exterior wood requires a primer and undercoat to ensure that it doesn't get soaked up by the wood (that makes it look patchy and matt).
Wood fence panel coatings seem to mostly be a combination of stain and varnish (possibly shellac originally). This can be sprayed or painted by brush directly onto the wood and provides some protection with a consistent sheen and consistency of colour.
Interesting that people rate Cuprinol over ronseal. I'll have to double check our tins, but I found Cuprinol on our fence panels and shed no better. That said the shed was a lighter colour while the rolseal is black, and both were painting over red cedar. The Cuprinol dark grey is on par I think.
But am I missing a reason as to why fence paint vs thick gloopy oil paint? Is it a cost thing, for large areas?
We've got a far bit of trellis to do, but still not on par with a garden's worth of wood fence panels.