DW's Tangy 'Que Sauce

Whisk ketchup, water, cider vinegar, honey, molasses, tomato paste, brown sugar, onion powder, chili powder, garlic powder, black pepper, hot pepper sauce, Worcestershire sauce, and dry mustard together in a saucepan over low heat; bring to a simmer and cook until thickened, 30 to 45 minutes.