Combine ketchup, brown sugar, vinegar, molasses, Worcestershire, mustard, paprika, garlic powder, onion powder, chili powder, pepper, salt, cayenne, and water in a saucepan. Whisk until smooth.
Taste and adjust the sweetness, tanginess, or heat.
Simmer over low heat for 15-20 minutes, stirring, until thickened.
Cool slightly; transfer to a white ceramic bowl or jar.
Serve with parsley, grilled meats, cornbread, or as a dip.