What Causes Itchy Painful Bump On Scrotal Area?

Strange cyst-like lump appeared at connection from base of penis to scrotum. It is just on the scrotum and not actually attached to either teste. I felt an itch there days ago and then came to realize it had opened and oozed white-viscous pus like substance. After cleaning it off no more came out. Sinxe then, for the past 2 days, ive had a small hole there surrounded by clear liquid annd ive just been trying to keep it dry and clean. Its painful when I touch it or of the skin folds as I move but I forget its there if I dont think about it. Please help is something to be concerned about?