Properly moisturizing the penis?

I doubt if external application of coconut oil can affect your hormones. I would be interested in any scientific or medical references that support this. I have been using it for at least 10 years without any side effects. Your epidermis does not let the oil get into your blood stream. Eating it might be a different story.
Shea butter could be an alternative but is pretty greasy

So, I'd love to hear some advice on a sound way to safely moisturize the penis.

Counterquestion: Are you really asking about moisturizing your penis or are you asking about the best lube for masturbation?

The reason I ask is, that I never applied anything to my penis for the purpose of moisturizing it.

In males, smegma helps keep the glans moist and facilitates sexual intercourse by acting as a lubricant.

If you may have any issues concerning dry skin, my first advice would be to use some more sensitive soap-free washing lotion to clean your member and rinse it thoroughly with cold water.

If you're instead asking about lubes, there are some sites on the web, listing and rating the ingredients of cosmetic products like codecheck.

I do love coconut oil for edging. It's cheap, long lasting, extremely slippery and even edible.

Cheers, Mart

Thank you both for your input. To clarify, I am not asking about lubes for masturbation/sex purposes. I am strictly asking about moisturizers for the penis. I suppose this may be a rare thing--I guess most people don't feel the need to do so.

I just wanted to close the loop, in case anyone else was interested in this same subject. I recently visited my dermatologist (for an unrelated matter) and asked him about possible benefits to keeping the penis moisturized and maintaining elasticity, etc. He said that this is not necessary and would most likely not be effective anyway. He said that if I really wanted to, just regular hand lotion would be fine. I guess I'll try that out.

Thanks again for reading.