Austrian Fenninger's second World Cup giant slalom victory of the season left her 67 points behind Hoefl-Riesch with six events left after the German could only finish 21st in her least favoured discipline.
"I'm glad to be part of it all but I really cannot say that the overall World Cup is an issue for me," she said.
"Maria is still ahead of me and she has more races ahead of her to score points."
Only seventh after the first run led by Olympic champion Tina Maze, who faltered badly in the second leg, Fenninger was irresistible in the second, leaving second-placed Anemone Marmottan of France 0.21 seconds adrift.
Austria's Eva-Maria Brem and Swiss Lara Gut were joint third, 0.39 off the pace.
"For me, it's clear who will win in the end but it's just super cool that there's a possibility," Fenninger said.
"Like in Sochi, I only need to tell myself that anything is possible and today's result is another proof of that."
In spite of playing down her chances, the 24-year-old all-rounder has as many chances to score points as Hoefl-Riesch in the season's finale, being a far better giant slalom specialist while the German is no longer the slalom skier she used to be.
Her consistency is also impressive, finishing first or second in her last four races.
With Tina Weirather of Liechtenstein, third in the overall standings, ruled out for the season the only other women with a chance of the overall title are defending champion Maze and Gut.
Are hosts a slalom and a giant slalom at the weekend before a full programme of four events in Lenzerheide, Switzerland.
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- Tina Maze