Add ketchup, apricot preserves, red wine vinegar, Worcestershire sauce, garlic powder, ground mustard, smoked paprika, salt, pepper, hot sauce, and water to a small saucepan. Bring mixture to a boil, turn the heat down, and simmer for 10 minutes.
1 cup Ketchup, 1 cup Apricot Preserves, 3 ⅕ Tbsp Red Wine Vinegar, 2 tsp Worcestershire Sauce, 1 tsp Garlic Powder, 1 Tbsp Ground Mustard, 2 tsp Smoked Paprika, 1 tsp Salt, 1 tsp Hot Sauce, 1-2 Tbsp Water, ½ tsp Pepper