I have a red bump on my penis and have never had intercourse what could it be?

Red spot: It's hard to tell without looking at it. It could be a reaction to chemicals in personal hygiene products you're using especially if you've had a change of those recently. I would suggest you see a doc for that if it is getting worse or not going away.

A red bump...!: Sometimes a small collection of blood vessels form a lesion that appears like a 'red bump' on the skin. It's harmless- called a 'hemangioma'. One way to test this is to press on it and remove your finger quickly to see if it blanched white, then refilled back to red. Consult a dermatologist if it's got you worried or it's causing pain and doesn't go away on it's own.