In a small saucepan, combine all the ingredients over medium heat.
1 cup ketchup, 2 tablespoons apple cider vinegar, 2 tablespoons brown sugar, 1 tablespoon honey, 1 & 1/2 tablespoons Worcestershire sauce, 1 tablespoon molasses, 1/2 tablespoon smoked paprika, 1/2 tablespoon garlic powder, 1/2 teaspoon onion powder, 1/2 teaspoon mustard powder, 1 teaspoon salt, 1/4 cup water