I just happen to have finished reproductive system at school. This is what I recall.
Luteinizing hormone causes thecal cells to make testosterone, which aromatized into estradiol by the granulosa cells (stimmed by follicle stimulating hormone) - - - > production of the follicle and the rest of the ovulation cycle.
High levels of insulin increase levels of luteinizing hormone. Thecal cells make lots more androgens. Some of these are aromatized by adipose tissue into estrone. Increased estrone levels then suppress the amount of follicle stimulating hormone - - - >cystic degeneration and suppression of ovulation.
Regarding ketones and ovulation, I'd sooner think that it's the low levels of insulin affecting ovulation via luteinizing hormone, but I haven't dug around enough to find data on it.
tl;dr high insulin mucks up ovulation.