The object is definitely moving as the pilot describes, right? In an interview with BBC's Rhod Sharp, Elizondo says the object simultaneously decelerates to a dead stop and performs the rotation:
What you're seeing is an object that is in a 120 knot head wind [with] a field around it... and it comes to a complete stand still at a perpendicular angle even though there's a 120 knot head wind.
Not necessarily. It's looks like it's moving relative to the clouds, but that could simply be parallax from the motion of the jet.
It's nonsensical he says there's a "field" around it, as that's just an IR artifact. You can pretty much discount anything else he says that's just his opinion.