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That's my interpretation also - Hefty brand garbage bags glued together and filled with Helium - or as another poster wrote, a breakaway balloon from a car dealer or other promotion..

Tip-off phrase: "One grabbed his video camera and managed to capture its strange, erratic movements in the sky." i.e. affected by wind currents.

And we have "UFO expert Malcolm Robinson said the object was "totally consistent" with other sightings.
Mr Robinson, who runs UFO group Strange Phenomena Investigations, said: "This video of a UFO is clearly very exciting.
"While UFOs are commonly thought to be spherical in shape, we receive dozens of calls from people who have spotted similar cylinder-shaped objects.
"There is, of course, an argument that this could be a weather balloon or some other common object.
"But my research has shown that it is totally consistent with other UFO sightings, none of which have been hoaxes or naturally-occurring phenomenon."

This is an embarrassment to those who are trying to get to the bottom of this phenomena. He is too credulous. At some point a couple of kids will admit to the Hefty-hoax and this guy, besides having egg on his face, will damage honest investigators.