In just a few lines, the speaker describes a gathering that should be joyful but isn't. The group calls itself "kings of ash," a striking phrase that mixes grandeur with ruin. They seem to hold some kind of rank, yet what they rule over is burnt out and gone. The title, "Burnt offerings," points to sacrifice, and the poem suggests that the best things, the wine and "all other things," have been given up to the altar instead of being kept for the people themselves.
The speaker sounds quietly resigned. "Should have been merry" is a gentle, sad phrase: there is no anger, just the awareness of a missing warmth. The mood is hollow and subdued, like a party where nobody quite knows how to begin. The poem doesn't say what the sacrifice was or why, so readers can imagine loss, devotion, or belief that costs more than it gives back.