Heat canola oil in a large pot over medium heat. Sauté onion and red bell pepper for 6-8 minutes, until soft and starting to brown. Add garlic and tomato paste, and stir until the paste darkens a bit, about 2 minutes. Stir in canned tomatoes, brown sugar, cider vinegar, Dijon mustard, ground allspice, ground cloves, cayenne, cinnamon, bay leaf, salt and pepper. Bring to a boil, reduce heat and cover. Simmer, stirring occasionally, for about 50 minutes. Ketchup should be a nice dark red and thick.
Let cool completely. Remove bay leaf, then transfer to a food processor and puree until smooth. Taste, adjust the seasoning.
Transfer to an air tight container and store in the fridge for up to 4 weeks or in the freezer for longer.
The above recipe yields 2½ cups of ketchup, so scale up the remaining ingredients if you plan to turn it all into cocktail sauce. In a small bowl, combine all ingredients and mix well.