Out comes the chequered flag - and what can Lorenzo do? He goes second. Pole for Dani Pedrosa - a fantastic performance from the Honda man who takes his fifth pole position on the year. Stoner third ahead of his final race.
Valencia Grand Prix - 10 November 2012
Valencia Grand Prix – Follow this MotoGP race live with Eurosport. The action starts at 23:55 on 10 November 2012. Our live coverage lets you follow all the key moments as they happen.
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Crutchlow sets his fastest lap but cannot improve his position - he stays fourth.
Pedrosa is up by three tenths after sector two! Can he keep up the pace? He can! 1:30.844! Lap record! Epic lap!
Stoner is ahead after three splits, and he holds it together on the final sector to go quickest by five hundredths!
Dovizioso goes fifth, Barbera eighth - Stoner is on a flying lap...
That Lorenzo lap has pushed Crutchlow down to fourth - every rider on the traqck bar Lorenzo (who is about to leave the pits) and Petrucci.
Lorenzo fastest! 1:31.483! He is really nailing that last sector and it puts him on pole with just few minutes remaining. Pedrosa is about to exit the pit lane again...
Crutchlow also loses ground on the last few corners, but he puts himself third - on target for a front-row start as things stand.
Pedrosa again - fastest at all three split points... but loses two tenths on the final sector and does not improve!
Pedrosa misses out on P1 by two hundredths of a second! 1:31.590 for him - it's a Honda one-two for now, but Lorenzo has yet to really gun it.
Casey Stoner! The Aussie goes quickest in his final qualifying session! 1:31.568 from him. Can he stay there?
Stefan Bradl puts in an excellent lap on qualifying tyres - he goes second, though I doubt he will stay there.
This is a notoriously slow-drying track, and there is still a whisper of moisture on the ground from this morning's rain shower.
Our comes Lorenzo again - can he inject some excitement into this session?
Hmm... this session has been more like a free practice than qualifying. It should get going shortly...
A lovely gesture from Jorge Lorenzo - he has paid 60 per cent of the admission fee for all his fan club members this weekend.
Casey Stoner has gone third with a lap of 1:32.296 - Lorenzo leads the way with 1:32.099 on the seventh of his 13 laps.
And in other exciting news, British Eurosport will sponsor the Entertainment Zone featuring the Blackhorse Stage at this year’s Motorcycle Live, the UK’s biggest bike show held at The NEC in Birmingham, 24 November to 2 December.
Elsehwere in the biking world, Valentino Rossi has paid tribute to his Max Biaggi and backed his rival's decision to retire.
How they stand: 1-Lorenzo, 2-Pedrosa, 3-Crutchlow, 4-Bradl, 5-Stoner, 6-Hayden, 7-Dovizioso, 8-Bautista, 9-Rossi, 10-Espargaro.
On the big bikes, Jorge Lorenzo has an unassailbale 43-point championship lead over Dani Pedrosa. Casey Stoner and Andrea Dovizioso are also safe in third and fourth. Alvaro Bautista, Valentino Rossi and Cal Crutchlow are in a 'live' race for fifth.
A bit of housekeeping with most of the leading riders in the pits - Jonas Folger has claimed pole position for the Moto3 race ahead of Miguel Oliveira and Luis Salom.
Decent start from Cal Crutchlow, who lies third at this early stage.
Of course this is the final race for Casey Stoner in MotoGP - how desperate the Australian will be to go out on a high.
Lorenzo's early marker is a swift one - 1:32.365 for the world champion.
Just to put that Barbera lap into context - Dani Pedrosa clocked 1:33.033 this morning in less-than-ideal conditions. The lap recprd is 1:31.002 - set by Valentino Rossi back in 2006.
Hector Barbera clocks the best early lap - a 1:34.041.
The weather has improved markedly since this morning's rain-affected practice. It's a sunny early afternoon - air temperature 19C with a slightly chilly 14mph wind blowing in from the west.
A tremendous ovation greets newly-crowned world champion Jorge Lorenzo as he takes to the track!
Off we go! Qualifying is under way - an hour to set the grid at the Circuit Ricardo Tormo.
Welcome to LIVE coverage of qualifying for the final MotoGP of 2012 in Valencia.