Team HARD driver Bond set the best time of one minute, 34.504 seconds in the second of the day’s two sessions.
MRM’s Young, victorious in last weekend’s Clio Cup Open at Paul Ricard in front of the French F1 Grand Prix crowds, was second with a time of 1m34.542s.
Coates was third, just a further 0.098s adrift (1m34.640s) in his Team HARD car.
Arriving at Oulton, Young leads Coates at the top of the table by 12 points – a maximum of 56 is possible from this weekend’s two races.
Bond is fifth having missed the season’s opening rounds, although achieved his maiden podium results in the championship a fortnight ago at Croft Circuit.
He commented: “I’m learning all the time with this car and today we managed to try a couple of different set-ups which both seem to work – the big question is which one do we go with tomorrow?
“Obviously I’m pleased to see my name P1 on the timesheets ahead of Jack and Max, particularly when they’ve proved themselves on the international stage as well. I’m expecting both will up their game when it comes to qualifying tomorrow so I’ll need to do the same.”
Behind the top three, MRM’s Brett Lidsey and Team HARD’s Ethan Hammerton were closely matched in fourth and fifth. Close behind them were Westbourne Motorsport’s Ben Colburn and Team HARD’s Jade Edwards in sixth and seventh…
Similarly, Specialized Motorsport’s Luke Warr was only fractionally ahead of Westbourne’s Finlay Robinson – pointing to a number of potentially exciting battles on track over the weekend.
The Clio Cup drivers will be on track at Oulton twice tomorrow – first at 13:05 with timed qualifying and then again at 17:10 with their first race of the weekend.
Race two, at 13:30 on Sunday, will be broadcast live by ITV4 and also live-streamed by ITV Sport.
Leading times, Friday Free Practice, Oulton Park:
1. Jamie Bond (Team HARD), 1m34.504s
2. Jack Young (MRM), +0.038s
3. Max Coates (Team HARD), +0.098s
4. Brett Lidsey (MRM), +0.588s
5. Ethan Hammerton (Team HARD), +0.627s
6. Ben Colburn (Westbourne Motorsport), +0.755s
7. Jade Edwards (Team HARD), +0.999s
8. Luke Warr (Specialized Motorsport), +2.001s
9. Finlay Robinson (Westbourne Motorsport), +2.321s
FULL RESULT & ANALYSIS HERE