There are two replacement effects trying to modify your card draws. Yo can choose to apply any one of them. After applying it, you check again for other replacement effects, and again until no new replacement effects want to apply to the modified event. Then the resulting event happens.
If you choose to apply Possessed Portal first, you skip the draw and that's all.
If you choose to apply Enduring Renewal first, you reveal the top card of your library. if it's a creature card, you put it into your graveyard. Otherwise, you again try to draw a card, but Possessed Portal's replacement effect still wants to apply, so you skip the draw. Not a GREAT combo.
Things like
Abundance and
Tomorrow, Azami's Familiar work well with Possessed Portal, because they replace a draw with a not-a-draw-but-still-an-extra-card-in-my-hand.