Whisk together the ketchup, apple cider vinegar, water, brown sugar, molasses, Worcestershire sauce, dry mustard, paprika, black pepper, cayenne pepper, onion powder, garlic powder, and kosher salt in a medium saucepan.
Set the pan over medium heat and bring to a gentle simmer, 3–5 minutes, stirring occasionally.
Reduce heat to low and simmer uncovered, stirring every few minutes, until glossy and slightly thickened, 12–15 minutes; it should lightly coat the back of a spoon but drip freely.
Remove from heat and let cool 5–10 minutes before using warm as a mop or finishing sauce, or cool completely and refrigerate in a sealed jar for up to 2 weeks.