Preheat the oven to 350°F (175°C). Grease a 9×5-inch loaf pan and set aside.
In a medium bowl, whisk together the all-purpose flour, baking soda, baking powder, salt, ground cinnamon, ground nutmeg, ground cloves, and ground ginger until well combined.
In a large bowl, combine the granulated sugar, light brown sugar, and vegetable oil. Whisk until smooth and well incorporated.
Add the eggs to the sugar and oil mixture one at a time, beating well after each addition.
Stir in the canned pumpkin puree, water, and vanilla extract until fully combined.
Gradually add the dry ingredients to the wet ingredients, stirring gently with a spatula or wooden spoon just until no streaks of flour remain. Do not overmix.
Pour the batter into the prepared loaf pan and smooth the top with a spatula.
Bake in the preheated oven for 55 to 60 minutes, or until a toothpick inserted into the center comes out clean.
Remove the pumpkin bread from the oven and let it cool in the pan for 15 minutes.
Transfer the bread to a wire rack to cool completely before slicing.
Serve slices of pumpkin bread warm or at room temperature with a generous spread of softened unsalted butter.