Whisk the ketchup, water, molasses, Worcestershire sauce, white wine vinegar, Dijon mustard, brown sugar, salt, hot pepper sauce, granulated garlic, and black pepper together in a small heavy-bottomed saucepan and place over medium heat. Bring to a boil, reduce heat to low, and continue cooking at a simmer, stirring together, another 10 minutes. Remove from heat and allow to cool completely. Pour into a glass jar and store uncovered in the refrigerator for 8 hours or overnight. This allows the flavors to blend and reduce any sharpness from the vinegar.