Make double or triple the sauce to use for other meals. Keep it in the fridge, covered, for up to 2 weeks.
Preheat grill to medium-high (about 450°F). Stir together ketchup, vinegar, 2 tablespoons water, Worcestershire sauce, honey, onion powder and garlic powder in a small saucepan; bring to a boil over high heat. Reduce heat to low and simmer, stirring often, for 5 minutes. Set aside 1/2 cup of the sauce to serve with pork.
Generously oil grill grate with grapeseed oil. Sprinkle pork with salt and pepper and grill, turning occasionally, for 15 minutes. Brush with remaining sauce and grill, turning occasionally, until a meat thermometer inserted in thickest portion registers 145°F, about 5 minutes. Serve with reserved 1/2 cup sauce.