Ha! Just like Arlo said, There was a third possibility.
That appears to be just a 1/8" pipe elbow, and I assume a short pipe nipple going into the tank. No shut off. You might want to drain the tank and put a shut off there, as the way it is, if you want to work on the fuel pump or change filters (if you put a filter between the tank and pump) you'll need to drain the tank.
This fitting pictured, should be tight, and not swivel-y. If it's not leaking while loose, its just the pipe-dope sealing the gap.
That's my 2¢! I could be wrong, maybe its some kind of high tech NASA fitting that swivels. I'd take a few minutes and take it apart to see what's what.