In certain cases in English "that is possible" will be used to mean the same or at least very similar to "that is likely." For instance "I lost my umbrella, do you think I left it at the office?" "That's possible." Obviously there's no reason for it to be impossible for the umbrella to be left at the office, in this case possible is being used to say something more along the lines of likely. However my question was concerning the German usage of these phrases since obviously it won't necessarily be the same as the English usage.