In a medium saucepan over medium heat, combine the ketchup, molasses, brown sugar, vinegar, Worcestershire sauce, paprika, garlic powder, onion powder, pepper, and cayenne pepper. Stir until the sugar is dissolved.
Bring the sauce to a simmer and reduce the heat to low. Simmer for 15 minutes, stirring occasionally.
Remove the sauce from the heat and let it cool to room temperature.
Store the sauce in an airtight container in the refrigerator for up to 1 month.