F1 European Grand Prix 2012: Watch Live Stream Online of Formula One Race In Valencia; Preview

When and where: The Formula One European Grand Prix in Valencia gets underway at 8 a.m. ET. In the U.S. Fox will be showing the race in delayed form from noon ET. Live timing and statistics can be followed, however, at Formula1.com. Viewers in the U.K. can access a live stream via SkyGo.

Preview: Sebastian Vettel will start as a strong favorite to claim his third consecutive European Grand Prix after blowing the rest of the field away to claim pole. There was very little to separate the rest of the contenders before the two-time defending world champion put in a stunning lap to finish 0.324seconds ahead of McLaren's Lewis Hamilton.

Williams' Pastor Maldonado was an impressive third, while Lotus teammates Romain Grosjean and Kimi Raikkonen will be a threat from fourth and fifth on the grid, respectively.

The result appeared to be vindication for the aerodynamic upgrade that Red Bull has brought to Valencia this weekend.

Everyone has worked very hard with preparing new parts for the car, which seem to be a step forward, Vettel said, according to Formula1.com.

We have been good here in previous years, so hopefully we can keep it up for tomorrow.

Mark Webber was unable to share in Red Bull's optimism, however, as a failed DRS left him failing to make it out of Qualifying one. The Australian will begin down in 19th.

It could have been a similarly miserable day for Hamilton. The world championship leader escaped an investigation from stewards into whether he had slowed down unnecessarily in the final corner to impede Nico Rosberg. The Mercedes driver eventually qualified in sixth.

Hamilton, meanwhile, said he was delighted to be starting from second on the grid.

I'm extremely happy to be starting on the front row, he revealed. To see other teams make big improvements to their cars this weekend, and yet still be starting from P2, is a surprise that I'll happily take.

Jenson Button endured another frustrating afternoon, though, as he finished down in ninth. There was also disappointment for fellow world championship contender Fernando Alonso who was unable to make it out of Q2 and will start from 11th in his Ferrari.

If he gets a good start, it is hard to see past Vettel for the victory, with overtaking opportunities limited on the Spanish street circuit. But the Lotuses of Grosjean and Raikkonen could be a threat after impressing all weekend.