Sebastian Vettel set the fastest ever lap around the tight and twisty Monaco street circuit and looks to be a contender to take Ferrari's first win in the Principality since 2001.
Mercedes came to the race as favourites having won the last four races and looked good to continue their dominance after Lewis Hamilton set the fastest time in the first free practice session. The Mercedes team however were unable to continue their dominance after a setup change in the afternoon saw them struggle to get the best out of the tyres.
Ferrari look to have a strong package around the narrow street circuit, but Red Bull Racing were close behind. It is likely to be a three car battle in qualifying with track position being key to having a good race. Overtaking opportunities are hard to come by in Monaco. However, strategy and luck with the safety car can help change the course of the race and alter the result.
Apart from the three leading teams, Toro Rosso showed that they had good pace during both the sessions and are clearly the best amongst the midfield teams.
Where to watch live
The third free practice session begins on 27 May at 10am BST, while the qualifying session starts at 1pm BST. Sky Sports F1 and Sky Sports F1 HD will provide live coverage of both events in the UK.
Real-time internet updates are available on the Live Timing section of the sport's official website.
Top 10 results of the second practice session (FP2) from the Circuit de Monaco: